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2015 (2) TMI 892 - AT - Income TaxWrite off of Non-Convertible Debentures - Held that:- Actual write off in the NCD account had taken place in this year. The claim of the assessee as made in the A.Y. 2000-01 and 2001-02 would be on the basis that there is a diminution in the value of stock in trade, whereas the claim of the assessee in this assessment year would be on the basis that it is a bad debt and allowable as a deduction u/s. 36(1)(vii) of the Act. We are of the view that the claim of the assessee has to be allowed in either of the assessment years, as the loss in question is incidental to the business and had to be allowed as a diminution in value of stock in trade. We therefore hold that in the event of the claim of the assessee being rejected in A.Ys. 2000-01 & 2001-02, the claim should be allowed in the A.Y. 2002-03 - Decided in favour of assessee. Amortization of premium paid on Held to Maturity (‘HTM’) category of investment - Held that:- The assessee is entitled to claim this deduction - Decided in favour of assessee. Disallowance under section 43B - whether write back excess provision of bonus needs to be allowed as a deduction from the taxable income as the provision was offered to tax in earlier years - Held that:- Before us, the ld. counsel for the assessee drew our attention to page 12 of the paperbook, which contains the statement showing the details of sums which fall for consideration u/s. 43B of the Act. The same is annexed as Annexure-I to this order. He also drew our attention to page 9 & 10 of the paper book which is the computation of income from business. The same is annexed as Annexure-II. Attention was also drawn to the fact that one of the items added to the profit & loss account was Schedule-C of the computation of income from business and that in Schedule-C the excess provision of bonus of ₹ 44,80,266 had been duly considered while arriving at the sum of ₹ 6,31,91,125 which was the amount debited to the profit and loss account. It was submitted that there was no claim made for deduction as assumed by the revenue authorities. - the order of the CIT(A) is set aside and the matter is remanded to the Assessing Officer for fresh consideration - Decided in favour of assessee for statistical purposes. Section 115JB not applicable - whether provisions of MAT do not apply to the assessee? - Held that:- Provisions of section 115JB of the Act are not applicable to the assessee which is a banking company - Decided in favour of assessee.
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