Loss on Government Securities Sale & Depreciation: ITAT allows Bank’s Claim

Kankaria Maninagar Nagarik Sahakari Bank Ltd. Vs DCIT (ITAT Ahmedabad) In a recent decision by the Income Tax Appellate Tribunal (ITAT) Ahmedabad, the Kankaria Maninagar Nagarik Sahakari Bank Ltd. contested against orders passed by the Commissioner of Income Tax (Appeals) concerning the Assessment Year 2012-13. The bank filed two appeals challenging the disallowance of loss on the sale of Government securities and the disallowance of depreciation on the same securities. The first appeal (ITA No. 2349/Ahd/2018) focused on the disallowance of a loss amounting to Rs. 38,55,000 incurred from the s...