2019 (1) TMI 475

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....ppellant : Sri E. I. Sanmathi, Advocate For the Respondent : Sri K. P. Kumar, Senior Advocate Along With Sri Balram R. Rao, Advocate JUDGMENT The appeal was admitted to consider the following substantial questions of law: "i. Whether on the facts and circumstances of the case, the Tribunal was correct in holding that depreciation on valuation of investment portfolio is allowable ....

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....v. Whether on the facts and circumstances of the case, the Tribunal was justified in dismissing the appeal preferred by the revenue by holding that the depreciation on valuation of investment portfolio is allowable by treating the investments held by the assessee - bank as stock in trade even when the same was not permitted under the provisions of the I.T. Act and, as such, whether the order of th....

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.... in favour of the assessee and against the revenue. Hence, following the aforesaid judgment, the aforesaid substantial question of law is answered accordingly. 4. Insofar as the substantial question of law at No.(iii) is concerned, the Tribunal followed the earlier order passed in the assessee's own case, wherein by the judgment of this Court in the case of COMMISSIONER OF INCOME TAX vs. KARNAT....