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2015 (6) TMI 551 - HC - Income TaxEntitlement for deduction on account of depreciation of security - whether held as an investment in Government security or stock in trade - Held that:- The securities were stock in trade and so depreciation would amount to loss and not income. The authorities below held that this aspect is well settled through the judgment of this Court in the case of Commissioner of Income Tax vs. Bank of Baroda, reported in (2003 (3) TMI 80 - BOMBAY High Court) as well as in the case of UCO Bank vs. the Commissioner of Income Tax, (1999 (9) TMI 4 - SUPREME Court) wherein held that merely because the securities are kept under the head by the bank till the maturity, the said security cannot be treated as a purely investment. The security held by the bank is in the nature of stock in trade. - Decided in favour of assessee.
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