2012 (8) TMI 1243

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....untant Member. For the Assessee : Shri M.K.Kulkarni For the Department : Shri Alok Mishra ORDER PER SHAILENDRA KUMAR YADAV, JM: This appeal has been filed on behalf of the Revenue on the following grounds: 1. Whether, on the facts and in the circumstances of the case, the Learned Commissioner of Income-tax(Appeals), Aurangabad, is correct in deleting the addition on account....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.... the assessee bank has passed Resolution on 21.04.2006 for classification of securities. According to the Circular of Reserve Bank of India dated 07.12.2006, shifting of investment from/to maturity (HTM) category may be allowed with the approval of the Board of Directors of a concerned bank once a year at the beginning of the accounting year. The assessee recategorized/shifted categorized all inve....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

.....04.2006 whereas the Assessing Officer is of the opinion that approval of such shifting should have been taken at the beginning of the accounting year/financial year. The RBI Circular has also specified that such shifting will normally be allowed at the beginning of the accounting year. The period of 21 days out of 365 days appears to be normal in the beginning of the month as some times it is tak....