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Loss on securities held for trading and classified as available for sale under RBI guidelines is business loss
Case Law Details
- Case Name
- ACIT Vs The Mehsana Urban Co-op. Bank Ltd. (ITAT Ahmedabad)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2008-09
- Courts
- All ITAT, ITAT Ahmedabad
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Brief of the Case
ITAT Ahmedabad held In the case of ACIT vs. The Mehsana Urban Co-op. Bank Ltd. that intention of assessee at the time of purchase of securities is relevant factore to decide whether it is held for trading or investment . In this case , the banks as per their nature of the business may have to park surplus trading funds in securities and although intended to be trading assets may have to keep them for longer periods if funds are not required. These securities are classified as available for sale as per the RBI guidelines to keep apart some of the assets in the specified mode a...
