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2015 (2) TMI 891 - ITAT BANGALOREDepreciation of valuation of investment portfolio - treatment to the investments held by the bank as stock-in-trade by CIT(A)- Held that:- As decided in assessee's own case for the assessment year 2004-05 assessee Bank is entitled to value all the investment at cost prices or market value whichever is lower by treating such investment as stock-in-trade, thus depreciation allowed. - Decided in favour of assessee. Disallowance u/s 14A r.w.Rule 8D(2) - addition of expenditure relating to exempt income deleted by CIT(A) - whether Rule 8D is prospective or retrospective? - Held that:- As relying on Godrej BoyceManufacturing Co. case [2010 (8) TMI 77 - BOMBAY HIGH COURT] wherein held that Rule 8D of IT Rules, 1962 is applicable only prospectively, i.e., from assessment year 2008- 09, thus Rule 8D is only prospective and cannot be applied for the assessment year 2007-08. For quantum of disallowance there is no dispute about the fact that the assessee himself has disallowed 5%, following the earlier decision of the Tribunal in assessee's own case. In such circumstances, we do not find it necessary to interfere with the same as the assessee has accepted the earlier decision of the Tribunal and has not taken it before the High Court, particularly the facts and circumstances remaining the same. - Decided in favour of assessee.
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