https://www.taxtmi.com/caselaws?id=470938 Securities held by a banking institution as stock-in-trade do not attract disallowance of expenditure relating to exempt income in the stated circumstances. Tax deducted at source credit on recoveries from auction sale of defaulting borrowers' properties remains available where the related interest and other recoveries are offered to tax, even if the balance sale proceeds are credited to borrowers' accounts. Brought-forward long-term capital losses may be carried forward where preceding scrutiny assessments allowed those losses and contain no specific disallowance. The expenditure disallowance, denial of tax credit, and denial of loss carry-forward were therefore not sustainable. en-us Thu, 28 Aug 2025 00:00:00 +0530 Fri, 14 Aug 2026 07:13:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470938 Securities held by a banking institution as stock-in-trade do not attract disallowance of expenditure relating to exempt income in the stated circumstances. Tax deducted at source credit on recoveries from auction sale of defaulting borrowers' properties remains available where the related interest and other recoveries are offered to tax, even if the balance sale proceeds are credited to borrowers' accounts. Brought-forward long-term capital losses may be carried forward where preceding scrutiny assessments allowed those losses and contain no specific disallowance. The expenditure disallowance, denial of tax credit, and denial of loss carry-forward were therefore not sustainable. Case-Laws Income Tax Thu, 28 Aug 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470938