Held that the assessee had followed a different method of accounting for the purpose of the Act and claimed that it had investments under one category and followed cost or market price whichever was lower, which was different from valuation of securities for the purpose of books which was as per the Reserve Bank of India guidelines. Disallowance is deleted. Followed, CIT v. City Union Bank L td (2007) 291 ITR 144(Mad)(HC). Held that automated teller machine is akin to computer and computer software depreciation allowable at 60 Per Cent. (AY. 2015-16 to 2017-18)
City Union Bank Ltd. v.Dy. CIT (2024)112 ITR 337 /229 TTJ 139 (Chennai)(Trib)
S. 32 : Depreciation-A Non-Banking Finance Company-Investments-Different method of accounting-Securities as per Reserve Bank of India norms-Disallowance of depreciation is deleted-Automated teller machine-Akin To Computer and computer software-Depreciation allowable at 60 Per Cent. [S. 145]