Depreciation on transfer of Investment from available for sale (AFS) to held to maturity (HTM) category by banks

RELEVANT PARAGRAPH 7.2 We have considered the rival submissions. We have also perused the RBI Master Circular and other case laws on which the Sr. Counsel has placed strong reliance. The Hon’ble ITAT, Bangalore Bench ‘B’ in ITA No: 253/Bang/2007 dated: 24.1.2008 in the case of ACIT (LTU) vs. Vijaya Bank had an occasion to deal with a similar issue. After considering the rival submissions, analyzing the RBI Guidelines and also extensively quoting various judicial pronouncements on which both the parties have placed their reliance, the Hon’ble Tribunal has observed thus &...