Dismissing the appeal of the revenue the Court held that Loss of Rs 16 , 84 481 on account of loss on revaluation of permanent category investments is held to be allowable as business loss .No question of law. Followed CIT v .Union Bank of India ,ITA No. 1977 of 2013 dt 8 -02 -2016) ( ITA No. 718 of 2017, dt. 18.06.2019)
PCIT v. State Bank of India ( 2019) 181 DTR 275 / (2020) 420 ITR 376/ 314 CTR 542 (Bom)(HC),www.itatonline.org
S. 28(i) : Business loss – Loss on revaluation of permanent category investments – Held to be allowable as business loss [ S.260A ]