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2012 (12) TMI 1045 - AT - Income TaxDisallowance for provision for privilege leave encashment - Held that - eave encashment is ascertained liability and has been provided on the basis of an actuarial valuation - assessee’s claim for deduction of the provision for privilege leave encashment is not a contingent liability and is to be allowed - Decided in favor of assessee Disallowance of depreciation on securities - whether investment constitutes stock-in-trade or a capital asset - Held that - whether a particular investment in any security is in the nature of stock-in-trade or otherwise is a question which has to be examined in each case having regard to the nature of transactions, manner of holding - Matter remanded back
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