Bench: Hon'Ble Kul Bharat & Hon'Ble Manish Borad
4 Indore Paraspar Sahakari Bank Ltd ITA No.441/Ind/2019 & ITA No.503/Ind/2018 of depreciation on securities is not allowable. During the course of the assessment proceedings in first round a specific query was raised about the allowability of the deduction and a complete explanations was given along with the Circulars of the Reserve Bank of India. The Accounting Standards were also provided