2018 (12) TMI 1944

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..... sessee s bank as stock-in-trade once the RBI Master Circular read with CBDT Circular No.665 came into force and even when under the provisions of the IT Act depreciation on valuation of investment portfolio was not allowable? - HELD THAT:- Substantial questions of law are covered by the judgment of this Court in the case of KARNATAKA BANK LIMITED VS. ASSISTANT COMMISSIONER OF INCOME TAX [ 2013 (7) .....

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..... investment portfolio is allowable by treating the investments held by the assessee s bank as stock-in-trade once the RBI Master Circular read with CBDT Circular No.665 came into force and even when under the provisions of the IT Act depreciation on valuation of investment portfolio was not allowable? ii. Whether, the Income tax Appellate Tribunal was justified in dismissing the appeal preferred .....

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