2015 (6) TMI 551

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.... the respondent JUDGEMENT 1. This appeal challenges the concurrent findings recorded by the Commissioner Income Tax (Appeals) and the Income Tax Appellate Tribunal, holding that the respondent was entitled to the amount deducted on account of depreciation of security held as an investment in Government security. 2. The respondent is a Co-operative Bank. The respondent had filed Income Tax....

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....t this aspect is well settled through the judgment of this Court in the case of Commissioner of Income Tax vs. Bank of Baroda, reported in (2003) 262 ITR 334 (Bombay) as well as in the judgment of the Supreme Court in the case of UCO Bank vs. the Commissioner of Income Tax, reported in 240 ITR 355 (SC). The Supreme Court in the said judgment held that merely because the securities are kept under t....