Tribunal held that depreciation on valuation of investment portfolio was allowable by treating investments held by assessee bank as stock-in-trade. High Court up held the order of Tribunal. (Followed Karnataka Bank Ltd v ACIT (2013) 356 ITR 549 (Karn.) (HC) referred CBDT Circular No 665 dt 5-10-2013 (1993) 204 ITR 39 (St).
CIT v. Karnataka Bank Ltd. (2019) 110 taxmann.com 128 / 266 Taxman 464 (Karn.)(HC) Editorial: SLP of revenue is allowed; CIT v. Karnataka Bank Ltd. (2019) 266 Taxman 463 (SC)
S. 32 : Depreciation-Valuation of investment portfolio-Stock-in-trade-Depreciation is held to be allowable. [S. 145]