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2017 (9) TMI 1344 - ITAT MUMBAIAllowability of broken period interest as deduction - Held that:- Respectfully following the ratio laid down in Citi Bank N.A [2012 (9) TMI 523 - SUPREME COURT] and in assessee’s own case for assessment year 2001–02 [2011 (6) TMI 812 - ITAT MUMBAI] allowed deduction claimed on account of broken period interest - Decided in favour of assessee. Claim of depreciation on different category of securities - whether the claim of depreciation on different categories of securities viz., ASF, HFT and HTM is allowable by holding them as stock–in–trade or whether, as held by the Assessing Officer they are to be treated as investments of the assessee? - Held that:- We find the issue is no more res integra in view of the decisions referred to by the learned Commissioner (Appeals). In case of Yes Bank Ltd. (2015 (1) TMI 1012 - ITAT MUMBAI), the Co–ordinate Bench allowed depreciation claimed on AFS and HFT categories of securities by holding them as stock–in–trade. Further, in case of HDFC Bank Ltd. (2014 (8) TMI 119 - BOMBAY HIGH COURT) while dismissing the Revenue’s appeal on the issue has upheld the decision of the Tribunal in allowing deduction claimed on diminution in value of securities. Learned Departmental Representative has not brought any contrary decision to our notice to defer from the ratio laid down in the decisions relied upon by the learned Commissioner (Appeals). In view of the aforesaid, we uphold the order of the learned Commissioner (Appeals) on this issue by dismissing the grounds raised. - Decided against revenue
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