Loss out born from Sale of Govt Securities by Bank is Business Loss: ITAT allows Income Tax Deduction [Read Order]

The ITAT held that the depreciation on government securities claimed by the assessee bank is allowable as a deduction
By Yogitha S. Yogesh - On May 16, 2024 7:32 pm - 2 mins read
Loss - Sale of Govt Securities - Bank - Business Loss - ITAT - Income Tax Deduction - taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal (ITAT) has held that loss out born from sale of govt securities by bank is business loss and allowed the income tax deduction is allowable under Section 37 of the Income Tax Act,1961. Kankaria Maninagar Nagarik Sahakari Bank Ltd, the appellant/assessee is in the business of banking…

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