Loss to bank on revaluation of investment in G-Sec. is ‘revenue’ loss; Reassessment not justified

ITAT MUMBAI BENCH ‘L’ Calyon Bank versus Deputy Commissioner of Income-tax (International Taxation) IT Appeal Nos. 360 & 758 (Mum.) of 2009 [ASSESSMENT YEAR 2000-01] JANUARY 23, 2013 ORDER Amit Shukla, Judicial Member The present cross appeals are directed against the impugned order 14th November 2011, passed by the learned Commissioner (Appeals)-XXXI, Mumbai, for the quantum of assessment made under section 143(3) r/w section 147 of the Income Tax Act, 1961 (for short “the Act”) for assessment year 2000-01. Since the grounds raised by either par...