TaxTMI 
TaxTMI 
TaxTMI 
2023 (10) TMI 783
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.... Nangia, Advs. For the Respondent Through: Mr Sumit Lalchandani, Adv. RAJIV SHAKDHER, J. (ORAL): CM No.49014/2023 [Application filed on behalf of the appellant seeking condonation of delay of 370 days in re-filing the appeal] 1. This is an application moved on behalf of the appellant/revenue, seeking condonation of delay in re-filing the appeal. 1.1 According to the appellant/revenue, the....
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.... as well as the Ld. CIT[A] erred in law deleting the addition of Rs. 17,63,07,641/- made by the AO in respect of depreciation of securities as the assessee contention that depreciation is claimed in accordance with the guidelines of the RBI is not justified and the fact remains that investments have not been shown in the books as "stock in trade" and its resultant profits on sale are not enhanced ....
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.... 8. Mr Puneet Rai, learned senior standing counsel, who appears on behalf of appellant/revenue, fairly informs us that insofar as proposed questions A&B are concerned, they are covered by the decision of the coordinate bench of this court dated 18.09.2017, passed in ITA No. 737/2017, titled Principal Commissioner of Income Tax-07 vs Punjab & Sind Bank. 9. Likewise, insofar as proposed question '....
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....d securities held by a bank which are not bought to maintain Statutory Liquidity Ratio (SLR) are its stock-in-trade and not investments and income arising out of those is attributable, to business of banking. This Circular came to be issued in the aftermath of CIT v. Nawanshahar Central Co-operative Bank Ltd. [2007] 160 Taxman 48/289 ITR 6 (SC), wherein this Court had held that investments made by....