2017 (2) TMI 1468

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....ent : Mr.R.Venkatanarayanan for M/s.Subbaraya Aiyar COMMON JUDGMENT Dr.Anita Sumanth, These three Tax Case (Appeals) come before us at the instance of the Revenue challenging the order of the Income Tax Appellate Tribunal, dated 13.10.2006 in respect of assessment years 1999-2000 and 2000-2001. 2. The following questions of law, have been framed for consideration, at the time of admiss....

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....e Bank vs. Addl. CIT reported in 218 ITR page 438 held that the Government securities and the like nature are to be treated as stock in trade? (iii) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in law on the materials placed without going into the question that the securities held by the bank are stock in trade when there was not ev....

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.... circumstances of the case, the Income Tax Appellate Tribunal is right, in law, in holding that the broken period interest is to be treated as revenue expenditure?" 6. Both parties would agree that the question is a substantial question of law that merits consideration. Accordiongly, we admit the same. The finding of fact is to the effect that securities are held as stockin-trade and that the i....