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2014 (1) TMI 1805 - ITAT PUNEDisallowance of amortization of premium on investment - Held that:- As in the case of United Commercial Bank Vs. CIT (1999 (9) TMI 4 - SUPREME Court) the issue of valuation of stock-in-trade of securities held by the Bank was referred to the Hon'ble Supreme Court and it is held that it is open to the assessee to value it at the cost or market value whichever is lower and method of accounting adopted by the tax payer consistently and regularly cannot be discarded by the Department authority. The Law is well settled that all the securities held by the Bank are part of the stock-in-trade irrespective of the fact how the classification is made. Thus following the decision in the case of Bank of Rajasthan Ltd. (2010 (12) TMI 894 - ITAT, Mumbai ) and the Latur Urban Co-op. Bank Limited (2015 (3) TMI 920 - ITAT PUNE ) wherein held all the securities held by the Bank form part of the stock-in- trade respective of the classification made as per the RBI guidelines. We, allow the appeal filed by the assessee and delete the addition made by the Assessing Officer. Assessee’s appeal is allowed.
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