https://www.taxtmi.com/caselaws?id=313978 A co-operative bank's Government securities held to meet statutory liquidity and reserve requirements were treated as liquid assets and stock-in-trade, so the diminution in their value was allowable as a business deduction. The Tribunal held that the loss was not a depreciation claim under section 32 of the Income-tax Act, 1961, but a deductible business loss under section 37, consistent with the principle that bank securities may be valued at cost or market value, whichever is lower. The disallowance was deleted and relief was granted to the assessee. en-us Wed, 29 Jan 2020 00:00:00 +0530 Sat, 11 May 2024 08:33:43 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=313978 A co-operative bank's Government securities held to meet statutory liquidity and reserve requirements were treated as liquid assets and stock-in-trade, so the diminution in their value was allowable as a business deduction. The Tribunal held that the loss was not a depreciation claim under section 32 of the Income-tax Act, 1961, but a deductible business loss under section 37, consistent with the principle that bank securities may be valued at cost or market value, whichever is lower. The disallowance was deleted and relief was granted to the assessee. Case-Laws Income Tax Wed, 29 Jan 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=313978