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2003 (3) TMI 80 - HC - Income Tax
Whether, Tribunal was right in holding that the assessee was entitled to deduction on account of depreciation in the value of investments and, consequently, debiting disallowance of ₹ 11,82,35,007? - In fact, the present case before us is on a stronger footing because in the case of United Commercial Bank, the loss was not debited to the profit and loss account whereas in this case, as can be seen from the working at pages 25 and 26 of the paper-book, the loss of ₹ 11,82,35,007 has been debited to the profit and loss account which is reflected as a provision for liability in the balance-sheet and the shares and securities were valued at cost on the assets side. - For the reasons given hereinabove, we answer the abovequoted question in the affirmative, i.e., in favour of the assessee-bank and against the Department.