2015 (3) TMI 1026

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....P.C. 1. We have heard Mr.Suresh Kumar, learned counsel appearing on behalf of the revenue. 2. The revenue has challenged the order dated 17th October, 2012 of the Income Tax Appellate Tribunal for assessment year 2008-09. 3. The assessee before the Tribunal is a Co-operative bank. It is functioning under the Maharashtra Co-operative Societies Act, 1960 and carries on banking business in t....

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.... 5. In the present case, while so shifting the securities, the loss was recorded that was because of the likely value on the date of shifting. The Commissioner of Income Tax (Appeals) accepted the bank's claim vide his order which was passed on 29th July, 2011. The Commissioner in paragraph 5 of his order found that the assessing officer sought an explanation and the bank indicated in the ex....

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....es dated 16th October, 2008 which are referred to permitted write off of losses arising from shifting of securities from one category to another in respect of investment in government securities. It is in these circumstances that the addition made by the assessing officer was deleted. As far as disallowance of Rs. 70,63,042/- being a proportionate write off, of the premium paid on securities held ....