TMI Blog2015 (6) TMI 551X X X X Extracts X X X X X X X X Extracts X X X X ..... ow held that this aspect is well settled through the judgment of this Court in the case of Commissioner of Income Tax vs. Bank of Baroda, reported in (2003 (3) TMI 80 - BOMBAY High Court) as well as in the case of UCO Bank vs. the Commissioner of Income Tax, (1999 (9) TMI 4 - SUPREME Court) wherein held that merely because the securities are kept under the head by the bank till the maturity, the s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... loss of ₹ 27,51,096/-. The Assessing Officer debited an amount of ₹ 81,67,500/- towards depreciation on investment on the Government securities held under the category of HELD TO MATURITY . In the opinion of the Assessing Officer, the securities held under the HTM category are in the nature of capital assets and therefore, were available for sale. He also held that the securities we ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ecurity cannot be treated as a purely investment. The security held by the bank is in the nature of stock in trade. 4. In view of the above, reliance placed by the department on the judgment in the case of Vijaya Bank vs. Commissioner of Income Tax, reported in 187 ITR 541 SC is misplaced. Thus, the appeal does not raise any substantial question of law and the same is therefore, dismissed. - ..... X X X X Extracts X X X X X X X X Extracts X X X X
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