Mere Reflection in books of account cannot be reason for non-acceptance of depreciation

Pathankot Hindu Urban Co-operative Bank Ltd Vs DCIT (ITAT Amritsar)

In this case assessee claimed the loss on diminution value of securities as well as stock. The main grievance of the revenue is that this particular value was not taken in the books of accounts. But factually correct that the circular of the CBDT has directed the acceptance proposition of the diminution value on basis of the factual aspect. The Hon’ble Apex Court has not in favour of the revenue. In both the lower authorities, the assessee explained the is

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