2020 (1) TMI 697

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....nt ORAL ORDER PER: HONOURABLE MR. JUSTICE J.B. PARDIWALA 1. This tax appeal under Section 260A of the Income Tax Act, 1961 [for short "The Act, 1961"] is at the instance of the revenue and is directed against the order passed by the Income Tax Appellate Tribunal, 'D' Bench, Ahmedabad in the ITA No.1864/AHD/2017, dated 18/06/2019 for the A.Y 201415. 2. The revenue has proposed t....

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.... who had given detailed reasons. He submitted that the investment was in the nature of capital investment in the hands of the assessee as held by the CIT (Appeals). The CBDT Circular dated November 26, 2008 would not apply. There were further instructions which would govern the situation. 6. On the other hand, the learned counsel Shri Tushar Hemani for the respondent placed heavy reliance....

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....estments classified under HTM category need not be marked to market and are carried at acquisition cost unless these are more than the face value, in which case the premium should be amortised over the period remaining to maturity. In the case of HFT and AFT securities forming stock-in-trade of the bank, the depreciation/ appreciation is to be aggregated scrip-wise and only net depreciation, if an....