https://www.taxtmi.com/caselaws?id=460995 Depreciation disallowance on investments was held unjustified where an assessee bank shifted securities classification with Board approval obtained in the first month of the accounting year. The applicable circular contemplated shifting at the beginning of the year, but the approval delay was only marginal and explained by the time needed for Board sanction. As the classification of the securities was not in dispute and the objection rested solely on the short delay, the deletion of the disallowance was upheld in favour of the assessee. en-us Fri, 31 Aug 2012 00:00:00 +0530 Thu, 06 Mar 2025 10:40:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=460995 Depreciation disallowance on investments was held unjustified where an assessee bank shifted securities classification with Board approval obtained in the first month of the accounting year. The applicable circular contemplated shifting at the beginning of the year, but the approval delay was only marginal and explained by the time needed for Board sanction. As the classification of the securities was not in dispute and the objection rested solely on the short delay, the deletion of the disallowance was upheld in favour of the assessee. Case-Laws Income Tax Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=460995