https://www.taxtmi.com/caselaws?id=373525 The Tribunal dismissed both the assessee and revenue's appeals, upholding the CIT(A)'s decisions. The disallowance of the contribution to the Education Fund was affirmed as an appropriation of profit, not a deductible business expense. Regarding the depreciation on HTM securities, the disallowance was overturned as banks consider securities as stock-in-trade, making the intention behind the investment irrelevant. The Tribunal emphasized that banks trade in securities irrespective of the holding period, leading to the deletion of the disallowance and the dismissal of the revenue's appeal. en-us Wed, 09 Jan 2019 00:00:00 +0530 Tue, 15 Jan 2019 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=373525 The Tribunal dismissed both the assessee and revenue's appeals, upholding the CIT(A)'s decisions. The disallowance of the contribution to the Education Fund was affirmed as an appropriation of profit, not a deductible business expense. Regarding the depreciation on HTM securities, the disallowance was overturned as banks consider securities as stock-in-trade, making the intention behind the investment irrelevant. The Tribunal emphasized that banks trade in securities irrespective of the holding period, leading to the deletion of the disallowance and the dismissal of the revenue's appeal. Case-Laws Income Tax Wed, 09 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=373525