Business Loss Claim by Punjab National Bank on Held-To-Maturity Securities u/s 45(2) of Income Tax Act: Delhi HC Remands Case to AO for Reassessment

Punjab National Bank's claim of business loss on held-to-maturity securities under Section 452 of the Income Tax Act was remanded back to the AO for reassessment. The bank had sought to offset its losses from these securities against taxable income, but the ITAT ruled that the assessment was incomplete and needed further scrutiny. The case focuses on the proper treatment of held-to-maturity securities for tax purposes and serves as a precedent for similar cases involving complex financial instruments.