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2015 (12) TMI 292 - AT - Income TaxAddition on account of investment depreciation account - CIT(A) deleted the addition - as per revenue notional depreciation of Government of India securities as on 31.3.2008 which were held by the bank as investment and not as stock - Held that:- After going through the guidelines of RBI and CBDT Circular loss invoice the facts of the assessee that as per audited balance sheet of the assessee investment in Central and State Government Securities its book value was valued at ₹ 109 crores out of which permanent category securities were ₹ 101.50 crores and current category securities were of ₹ 7.5 crores and as per the submissions made by the ld. AR these investments of ₹ 109 crores are investments held as stock-in-trade and for valuing closing stock at the end of the year the value prevailing on the last date of the year is relevant and assessee has, therefore, claimed 1,47,66,239/- as investment depreciation. Similar facts were examined in assessee’s own case by the Tribunal for AY 2007-08 allowing the claim of assessee as relying on United Commercial Bank vs. CIT [1999 (9) TMI 4 - SUPREME Court] - Decided in favour of assessee.
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