https://www.taxtmi.com/highlights?id=101021 In bank tax assessments, the opening Foreign Currency Translation Reserve balance could not be taxed under ICDS-VI because the Act taxes only current-year income and a CBDT circular cannot override sections 4 and 5. Section 115JB was held inapplicable to corresponding new banks, section 14A could not be applied to securities held as stock-in-trade, and reassessment based only on existing records failed for want of fresh tangible material. en-us Tue, 23 Jun 2026 08:08:25 +0530 Wed, 24 Jun 2026 10:50:50 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=101021 In bank tax assessments, the opening Foreign Currency Translation Reserve balance could not be taxed under ICDS-VI because the Act taxes only current-year income and a CBDT circular cannot override sections 4 and 5. Section 115JB was held inapplicable to corresponding new banks, section 14A could not be applied to securities held as stock-in-trade, and reassessment based only on existing records failed for want of fresh tangible material. Highlights Income Tax Tue, 23 Jun 2026 08:08:25 +0530 https://www.taxtmi.com/highlights?id=101021