CIT v. Corporation Bank - Taxpublishers.in

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The Tax Publishers2020 TaxPub(DT) 0316 (Karn-HC)

INCOME TAX ACT, 1961

Section 32

Depreciation no valuation of investment portfolio was allowable by terating the investments held by assessee bank as stock-in-trade, once RBI Master Circular No. 665 came into force.

Depreciation - Allowability - Depreciation on valuation of investment portfolio -

Issue arose for consideration as to whether Tribunal was correct in holding that depreciation on valuation of investment portfolio was allowable by treating the investments held by assessee bank as stock-in-trade, once RBI Master Circular read with CBDT Circular No. 665 came into force. Held: The substantial question of law was covered by judgment of this Court in case of CIT v. Corporation Bank [Income Tax Appeal No. 268/2009, dt. 2-12-2014] wherein the very same question of law was answered in favour of assessee and against the revenue.

REFERRED :

FAVOUR : In assessee's favour

A.Y. :

IN THE KARNATAKA HIGH COURT