https://www.taxtmi.com/caselaws?id=800243 Government securities held by a bank as stock-in-trade may be valued at the lower of cost or market value under Section 145, and a consistently applied accounting and valuation method should not be displaced merely because another method is preferred; the related depreciation claim was allowable. A brokerage claim remained allowable after post-remand consideration. Section 41(1) applies only where a trading liability previously allowed as a deduction has been remitted or has ceased. Unclaimed customer balances were not taxable because the bank's continuing legal obligation to repay them precluded any remission or cessation of liability. en-us Tue, 08 Sep 2026 00:00:00 +0530 Sat, 03 Oct 2026 09:32:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=800243 Government securities held by a bank as stock-in-trade may be valued at the lower of cost or market value under Section 145, and a consistently applied accounting and valuation method should not be displaced merely because another method is preferred; the related depreciation claim was allowable. A brokerage claim remained allowable after post-remand consideration. Section 41(1) applies only where a trading liability previously allowed as a deduction has been remitted or has ceased. Unclaimed customer balances were not taxable because the bank's continuing legal obligation to repay them precluded any remission or cessation of liability. Case-Laws Income Tax Tue, 08 Sep 2026 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=800243