Can bank claim depreciation on stock in trade shown as Investment in Balance Sheet

HIGH COURT OF DELHI Punjab & Sind Bank Versus Commissioner of Income-tax IT APPEAL NOS. 634 & 660 OF 2009 SEPTEMBER 12, 2012 ORDER 1. The appellant is a statutory banking corporation, a wholly owned Government of India undertaking. It had filed its income tax return for the assessment year 1996-97 declaring a loss of Rs.53,69,87,409/-. The assessment was completed under Section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as ‘the Act’) vide orders dated 29th January, 1999 at a total income of Rs. 13,59,89,900/-. In the process, the Assessing ...