Dismissing the appeal of the revenue the Court held that the Tribunal is justified allowing the depreciation on valuation of investment portfolio was allowable by treating investments held by assessee bank as stock-in-trade. Followed CIT v. Corporation Bank (ITA No. 268 of 2009 dt 2-12-2014 ) (Karn ) (HC) Referred Circular No 665 dt 5-10-1993 ( 1993) 204 CTR 39 (St)
CIT v. Corporation Bank (2019) 110 taxmann.com 335/267 Taxman 113 (Karn.)(HC) Editorial: SLP of revenue is dismissed; CIT v. Corporation Bank (2019) 267 taxman 112 (SC)
S. 32 : Depreciation-Stock in trade-Investment-Bank-Valuation of investment portfolio–Depreciation is allowable in respect of investment held as stock in trade. [S. 28(i), 145]