https://www.taxtmi.com/caselaws?id=25150 The court ruled in favor of the Revenue regarding the investment in securities under section 24 of the Banking Regulation Act, following precedent. In reassessment proceedings under section 147, claims for gratuity, pension fund, and staff welfare expenses were rejected as they were not raised in the original assessments. The court remitted the matter to verify the rejection of gratuity and pension fund claims but confirmed the disallowance of devaluation profits. The court did not answer on the allowability of expenses, directing further consideration by the Tribunal. The assessability of devaluation profits was upheld in favor of the Revenue, and the reference was disposed of without costs. en-us Mon, 24 Aug 1987 00:00:00 +0530 Tue, 27 Jun 2017 14:32:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=25150 The court ruled in favor of the Revenue regarding the investment in securities under section 24 of the Banking Regulation Act, following precedent. In reassessment proceedings under section 147, claims for gratuity, pension fund, and staff welfare expenses were rejected as they were not raised in the original assessments. The court remitted the matter to verify the rejection of gratuity and pension fund claims but confirmed the disallowance of devaluation profits. The court did not answer on the allowability of expenses, directing further consideration by the Tribunal. The assessability of devaluation profits was upheld in favor of the Revenue, and the reference was disposed of without costs. Case-Laws Income Tax Mon, 24 Aug 1987 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=25150