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2020 (11) TMI 945 - HC - Income TaxAmortisation and brokerage expenses with respect to securities of (held to maturity) HTM category - Allowable revenue expenses or not? - whether loss on sale of securities of (held to maturity) category is allowable as a deduction? - HELD THAT:- The finding of fact is to the effect that securities are held as stock-in-trade and that the income from sale there from is offered to tax as revenue. In the light of the admitted facts as seen from the order of the authorities, the expenditure incurred by the assessee towards broken 4 period is liable to be allowed as revenue expenditure. There is no infirmity in the order of the Tribunal in this regard. The question stands answered in favour of the assessee, following the judgment of the Bombay High Court in American Express International Banking Corporation Vs. CIT [2002 (9) TMI 96 - BOMBAY HIGH COURT] - Decided against revenue.
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