https://www.taxtmi.com/caselaws?id=13366 The HC dismissed the appeals, ruling in favor of the assessee on all three issues. For the first issue, the HC held that interest on securities should be taxed on specified due dates, aligning with the assessee's accounting method. On the second issue, the HC allowed the claim for bad debts related to non-rural branches, emphasizing the legislative intent to avoid double benefits. Regarding the third issue, the HC upheld the Tribunal's decision to allow a reduction for diminution in investment value, supporting the method of valuing securities at market value and claiming depreciation. en-us Mon, 26 Feb 2007 00:00:00 +0530 Tue, 20 Feb 2024 10:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=13366 The HC dismissed the appeals, ruling in favor of the assessee on all three issues. For the first issue, the HC held that interest on securities should be taxed on specified due dates, aligning with the assessee's accounting method. On the second issue, the HC allowed the claim for bad debts related to non-rural branches, emphasizing the legislative intent to avoid double benefits. Regarding the third issue, the HC upheld the Tribunal's decision to allow a reduction for diminution in investment value, supporting the method of valuing securities at market value and claiming depreciation. Case-Laws Income Tax Mon, 26 Feb 2007 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=13366