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2015 (4) TMI 583 - AT - Income TaxDepreciation on securities held as stock in trade - Deduction of broken period of interest - Dis-allowance of deduction claimed u/s. 36(1)(viia) of Income Tax Act - Held that:- We find that the issue on Depreciation on securities (premium on govt. securities) for ₹ 9,76,74,332/- is squarely covered by the order of the ITAT Hyderabad in the case of AP Grameena Vikas Bank [2014 (3) TMI 724 - ITAT HYDERABAD] for the relevant A.Y 2009-10, Vijaya Bank [1990 (9) TMI 5 - SUPREME Court] and Nedungadi Bank Ltd. [2002 (11) TMI 29 - KERALA High Court]. Hence, respectfully following the order of the Coordinate Benches, we dismiss part of the Revenue’s appeal. With regard to the issue of broken period of interest for an amount of ₹ 3,73,12,444/- the issue is covered by the orders cited above and also in the case of United Commercial Bank [1999 (9) TMI 4 - SUPREME Court] and South Indian Bank Ltd. [1999 (3) TMI 43 - KERALA High Court] and Board’s circular No.665 dated 5.10.1993 issued by the CBDT. Hence, respectfully following the order of the Coordinate Benches, we dismiss Ground No.3 of Revenue’s appeal. - Decided against the revenue.
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