2023 (10) TMI 783

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....ith Mr Ashvini Kumar and Mr Rishabh 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.....

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....ther in the facts and circumstances of the case, Hon'ble ITAT 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 ....

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....investment and the provisions of section 14A are applicable in the case?" 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....

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....no. 18 of 2015 dated 2-11-2015, which had analyzed and then explained that all shares and 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. [....