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2018 (12) TMI 1944 - HC - Income TaxDepreciation on valuation of investment portfolio - Whether Tribunal was correct in holding that depreciation on valuation of investment portfolio is allowable by treating the investments held by the assessee’s bank as stock-in-trade once the RBI Master Circular read with CBDT Circular No.665 came into force and even when under the provisions of the IT Act depreciation on valuation of investment portfolio was not allowable? - HELD THAT:- Substantial questions of law are covered by the judgment of this Court in the case of KARNATAKA BANK LIMITED VS. ASSISTANT COMMISSIONER OF INCOME TAX [2013 (7) TMI 656 - KARNATAKA HIGH COURT] wherein the very same questions of law was answered in favour of the assessee and against the revenue. Hence, following the aforesaid judgment, the substantial questions of law is answered accordingly.The appeal stands disposed off.
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