Fixed deposits that forms part of banking business is stock-in-trade: ITAT Surat

Surat National Co.op Bank Ltd Vs ACIT (ITAT Surat) ITAT Surat held that the Fixed Deposits can be treated as stock-in-trade if it forms part of banking business. Further, held that deposits that forms part of banking business, write off such loss will be a loss arising in the course of carrying on banking business. Facts- The assessee had filed its return of income for AY.2013-14 on 10.09.2013, declaring total income at Rs.5,03,65,950/-. Order u/s 143(3) was passed on 29.02.2016, determining total income at Rs.5,90,82,717/- by making various additions including disallowance of provision for ba...