https://www.taxtmi.com/caselaws?id=306014 The Court ruled in favor of the assessee on all three issues presented in the case. It held that locker rents collected in advance should not be treated as income in previous years, loss/depreciation on securities held by the bank should not be taxed until the completion of the transaction, and notional income from forward contracts should not be taxed until actual gains or losses are realized. The Court's decision aligned with the ITAT's reasoning, dismissing the Revenue's appeals. en-us Tue, 13 Sep 2022 00:00:00 +0530 Thu, 05 Jan 2023 08:24:23 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306014 The Court ruled in favor of the assessee on all three issues presented in the case. It held that locker rents collected in advance should not be treated as income in previous years, loss/depreciation on securities held by the bank should not be taxed until the completion of the transaction, and notional income from forward contracts should not be taxed until actual gains or losses are realized. The Court's decision aligned with the ITAT's reasoning, dismissing the Revenue's appeals. Case-Laws Income Tax Tue, 13 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306014