TaxTMI 
TaxTMI 
2015 (6) TMI 552
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....been filed by assessee against the order of Commissioner of Income Tax (Appeal)-I, (short CIT(A)-I) Pune for A.Y. 2009-10 on the following grounds. 1. That the learned Commissioner of Income Tax (Appeal)l has erred in confirming the additions made by the A.O who has disallowed amortization of premium paid on Govt. Securities Rs. 23,13,525/-debited to P & L A/c. That the Amortization of premium p....
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....e find that the issue before us is clearly covered in favour of the assessee by the decision of ITAT Pune Bench in the case of Latur Urban Coop. Bank Ltd. in ITA No. 778 and 792/PN/2011, order dated 31-8-2012. The relevant discussion and finding of the Tribunal on the issue is as under. "13. So far as Ground No. 2 is concerned, it is in respect of the disallowances on the loss on sale of surplus....
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....), the issue before their Lordship was whether the assessee was entitled for deduction on account of depreciation in the value of investments. The method of valuation followed by the assessee Bank was to value investments at cost or market value whichever was lower. The assessee had claimed the depreciation to the tune of Rs. 11,82,35,007/- and the said depreciation was claimed as a deduction whic....
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....purely investment. Law is well settled that the Securities held by the Bank are in the nature of Stock-in-Trade. We may like to quote here the decision of the Hon'ble High Court of Kerala in the case of CIT Vs. Nedungadi Bank Ltd., 264 ITR 545. In the said case, the Hon'ble High Court has held that the securities held by the Bank are in the nature of stock-in-trade. Both the authorities below have....