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TMI Blog2020 (11) TMI 945X X X X Extracts X X X X X X X X Extracts X X X X ..... to the effect that securities are held as stock-in-trade and that the income from sale there from is offered to tax as revenue. In the light of the admitted facts as seen from the order of the authorities, the expenditure incurred by the assessee towards broken 4 period is liable to be allowed as revenue expenditure. There is no infirmity in the order of the Tribunal in this regard. The questi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Tax Appellate Tribunal, Chennai, 'A' Bench ('the Tribunal' for brevity) for the assessment year 2004-05. 2. The appeal was admitted on 30.11.2018 on the following substantial questions of law: i. Whether, on the facts and in the circumstances of the case and the grounds raised herein, the Tribunal was right in holding that the amortisation expenses with respect to securiti ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... assessee. 4. We need not labour much to decide the substantial questions of law framed for consideration, since, in the assessee's own case, identical questions in a slightly different form, were considered by the Hon'ble Division Bench of this Court in TCA.Nos.826 to 828 of 2008 dated 01.2.2017 and were answered against the Revenue in the following terms : 4. Parties would ag ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... effect that securities are held as stock-in-trade and that the income from sale there from is offered to tax as revenue. In the light of the admitted facts as seen from the order of the authorities, the expenditure incurred by the assessee towards broken 4 period is liable to be allowed as revenue expenditure. There is no infirmity in the order of the Tribunal in this regard. 7. The question ..... X X X X Extracts X X X X X X X X Extracts X X X X
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