TaxTMI 
TaxTMI 
2015 (3) TMI 1458
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....AL ORDER : 1. The appeal is filed by the Department against the order passed by the Tribunal, thereby partly allowing the appeal filed by the assessee. 2. Mr. Soman, the learned counsel for the appellant states that, the appeal involves substantial questions of law. The learned counsel submits that, the following two questions are raised in the present appeal (I) Whether securities ....
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....taining thereto could be allowed as deduction only at the time of transfer or sale of such securities and that in the computation of the income under the head capital gains. 4. The learned counsel further submits that, the Tribunal was not justified in allowing the depreciation (loss) from shifting securities from AFS to HTM i.e. available for sale to held till maturity. The Circular of the Res....
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....from that no firm conclusion can be drawn. A tax payer is free to employ for the purpose of his trade, his own method of keeping accounts and for that purpose, to value stock in trade either at cost or market price and the method of accounting adopted by the tax payer consistently and regularly cannot be discarded by the Departmental authorities on the premise that he should have adopted a differe....
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.... (C) Whether the ITAT is right in law in holding that the assessee is entitled for deduction with respect to the diminution in value of the investment and amortization of premium on investment held to maturity on the ground of mandate by RBI guidelines thereby ignoring the decision of the Supreme Court in the case of Southern technologies vs. CIT (320 ITR 577) ? The Division Bench further o....