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2020 (12) TMI 301 - AT - Income TaxRectification of mistake u/s 254 - enhancement on the valuation difference of securities by CIT-A holding that the said valuation was not done in accordance with RBI guidelines - HELD THAT:- Tribunal categorically held that assessee had fully complied with RBI Circular dated 01/07/2011 with regard to valuation of securities at the time of shifting of securities from AFS to HTM category and this Tribunal had also held that the shifting loss incurred would be squarely allowable as deduction - enhancement made by CIT(A) should have been deleted by this Tribunal which was not done. Workings for valuation difference was furnished by the assessee on without prejudice basis but complied with the directions of the ld. CIT(A) by filling up the data in the prescribed format given by the ld. CIT(A). Hence, there is no need for the assessee to file any evidence before us to counter the said workings as admittedly the assessee has only complied with the directions of ld. CIT(A) by furnishing the requisite details on without prejudice basis. Observation made by this Tribunalthat assessee has not provided any evidence before us to counter the said workings given before the ld. CIT(A) is incorrect. This constitutes mistake apparent on record within the meaning of Section 254(2) - we accordingly, deem it fit to modify para 6.3 of our order as under:- “6.3.- We find that in the instant case, the depreciation of investments at the time of shifting from AFS to HTM category had been debited by the assessee as an expenditure in consonance with RBI Circular dated 01/07/2011 referred to supra. The said shifting loss is squarely allowable as deduction.”
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