https://www.taxtmi.com/caselaws?id=427503 A bank's reclassification of investments from Held to Maturity to Available for Sale can give rise to allowable depreciation where securities are valued in accordance with RBI norms, the banking business treats investment income as business income, and the loss is recognised through the prescribed valuation framework. Interest recovered from a non-performing asset cannot be taxed again on receipt if it had already been brought to tax on accrual basis in earlier years and the records show the amount represents prior-year accrued interest. The operative principles are that banking securities revaluation follows regulatory classification norms, and income already taxed once cannot be subjected to double taxation in a later year. en-us Wed, 29 Jun 2022 00:00:00 +0530 Sat, 10 Sep 2022 07:03:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=427503 A bank's reclassification of investments from Held to Maturity to Available for Sale can give rise to allowable depreciation where securities are valued in accordance with RBI norms, the banking business treats investment income as business income, and the loss is recognised through the prescribed valuation framework. Interest recovered from a non-performing asset cannot be taxed again on receipt if it had already been brought to tax on accrual basis in earlier years and the records show the amount represents prior-year accrued interest. The operative principles are that banking securities revaluation follows regulatory classification norms, and income already taxed once cannot be subjected to double taxation in a later year. Case-Laws Income Tax Wed, 29 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=427503