Loss on sale of Government ‘Available For Sale’ securities is trading loss

ACIT Vs Eluru Cooperative Urban Bank Limited (ITAT Visakhapatnam) Facts- The assessee is a Co-operative Urban Bank Limited filed its ROI for the AY 2010-11 on 30/09/2010 declaring total income of Rs. 8,72,100/-. Subsequently, the case was selected for scrutiny. In response to the statutory notices u/s. 143(2) and 142(1) of the Act, the assessee’s Representative furnished various details called for by the AO. After examining the books and the information furnished by the Assessee’s Representative, the Ld. AO completed the assessment as follows: (i) Disallowance towards provisions for standa...