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| The Tax Publishers2019 TaxPub(DT) 8248 (SC) INCOME TAX ACT, 1961
Section 261 Section 32(1)
Where the department preferred SLP to appeal against the judgment of Karnataka High Court in CIT v. Karnataka Bank Ltd. [ITA No. 229 of 2011, dt. 18-12-2018] : 2019 TaxPub(DT) 502 (Karn-HC), whereby the High Court upheld the Tribunal's Order holding that depreciation on valuation of investment portfolio was allowable by treating investments held by assessee bank as stock-in-trade, the Supreme Court granted special leave to department to appeal thereagainst and directed the Registry to tag the matters along with Civil Appeal No. 4951 of 2018.
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Appeal (Supreme Court) - Special leave petition - Depreciation - Allowability--Treatment of investment as stock-in-trade
Department preferred SLP to appeal against the judgment of Karnataka High Court in CIT v. Karnataka Bank Ltd. [ITA No. 229 of 2011, dt. 18-12-2018] : 2019 TaxPub(DT) 502 (Karn-HC), whereby the High Court upheld the Tribunal's Order holding that depreciation on valuation of investment portfolio was allowable by treating investments held by assessee bank as stock-in-trade.Held: The Supreme Court granted special leave to department to appeal thereagainst and directed the Registry to Tag the matters along with Civil Appeal No. 4951 of 2018.
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