2012 (10) TMI 1042

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..... untant Member) The appellant had filed this appeal against the order dt.29-07-2011 of the CIT(A)-1, Thane on the following Grounds of Appeal: "1.On the facts and in the circumstances of the case, the Id. CIT(A)-1, Thane erred in appreciating the fact that the loss at the time of reclassification of HTM securities is a capital loss and not a revenue loss. 2. On the facts and in the circumstanc .....

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..... rores. 2.1 During the assessment proceedings, Assessing Officer (AO) found that assessee had debited an amount of ₹ 2.92 Crores under the head 'Amortisation of Premium and Depreciation on Govt. Securities and had shifted the same to HTM (Held To Maturity). Out of ₹ 2.92 Crores, ₹ 2.22 Crores was on account of loss incurred due to shifting of classified security and ₹ 70.63 .....

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..... ecurities held on maturity, he held that the claim of write off was within the four corners of law, that assessee was entitled to write off the same. He also deleted the addition amounting to ₹ 7.63 Lakhs made by the AO. 3. Before us, Departmental Representative (DR) relied upon the orders of the AO. Authorised Representative (AR) relied upon the order of the CIT(A) and submitted a copy of .....

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