CIT & Anr. v. Vijaya Bank - Taxpublishers.in

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The Tax PublishersI. T. A. No. 687 of 2008 2013 TaxPub(DT) 2094 (Karn-HC) : (2013) 356 ITR 0578 Income Tax Act, 1961 --Depreciation--Allowability Investments held as stock-in-trade--The issue arose as to whether the Tribunal was correct in allowing the depreciation claim on investments 'held on maturity' by treating it as stock-in-trade despite the same not being traded on a regular basis by the assessee in accordance with the RBI and the CBDT Circulars. *Held:* In view of the decision of Karnataka High Court in Karnataka Bank Ltd. v. Asstt. CIT (2013) 356 ITR 549 (Karn), Tribunal was justified in allowing the depreciation claim on investments 'held on maturity' by treating it as stock-in-trade. SUBSCRIBE FOR FULL CONTENT

The Tax PublishersI. T. A. No. 687 of 2008
2013 TaxPub(DT) 2094 (Karn-HC) : (2013) 356 ITR 0578

Income Tax Act, 1961

--Depreciation--Allowability Investments held as stock-in-trade--The issue arose as to whether the Tribunal was correct in allowing the depreciation claim on investments 'held on maturity' by treating it as stock-in-trade despite the same not being traded on a regular basis by the assessee in accordance with the RBI and the CBDT Circulars. Held: In view of the decision of Karnataka High Court in Karnataka Bank Ltd. v. Asstt. CIT (2013) 356 ITR 549 (Karn), Tribunal was justified in allowing the depreciation claim on investments 'held on maturity' by treating it as stock-in-trade.