THE DY. COMMR. OF INCOME TAX, CIR.-1(2),, RAJKOT-GUJARAT vs. RAJKOT PEOPLES CO. OP. BANK LTD.,, RAJKOT-GUJARAT
In the result appeals of the Revenue and Cross Objections of the assessee are dismissed except CO of the assessee in the Asstt
ITA 415/RJT/2015[2007-08]Status: DisposedITAT Rajkot16 Jan 2018AY 2007-08
Bench: Shri Pramod Kumar & Shri Rajpal Yadavsr.
For Appellant: Shri D.M. Rindani, CAFor Respondent: Shri Hargovind Singh, CIT-DR
Section 142(1)Section 143(2)
c) of the Banking
Regulation Act, transaction of securities forms part of banking business and bank can purchase and sell securities without affecting the statutory SLR. Therefore the securities purchased are actually stock in trade. Therefore the investment in securities are not in real sense capital assets. The same to be considered in the back ground of the provisions
