TMI Blog2017 (2) TMI 1468X X X X Extracts X X X X X X X X Extracts X X X X ..... ld as stock-in-trade and that the income from sale therefrom 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 period is liable to be allowed as revenue expenditure. There is no infirmity in the order of the Tribunal in this regard. Question stands answered in favour of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eals:- (i) Whether on the facts and in the circumstances of the case, the Income Tax Appellate Tribunal is right in not following the judgment of the Supreme Court in the case of Vijaya Bank Ltd reported in 187 ITR page 541 wherein it was held that whatever was the consideration, which prompted the assessee to purchase the securities, the price paid for them was in the nature of capital outle ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cial statements of the bank or the method of accounting of the bank to prove that the securities held by them are stock in trade? 3. Heard Mr.J.Narayanasamy, learned Standing Counsel appearing for the appellant and Mr.R.Venkatanarayanan, learned counsel appearing for the assessee. 4. Parties would agree that the issue stands considered and accepted by this court in respect of assessment yea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 period is liable to be allowed as revenue expenditure. There is no infirmity in the order of the Tribunal in this regard. 7. The queston stands answered in favour of the assessee, following the judgment of the Bombay High Court in American Express In ..... X X X X Extracts X X X X X X X X Extracts X X X X
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