TaxTMI 
TaxTMI 
2017 (2) TMI 1468
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....ubbaraya 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 admission of the appeals:- "(i) Whether on....
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....t 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 even one single instance from the financial statements of the bank ....
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...., 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 income from sale therefrom is offered to tax as revenue. In the light of the admi....