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2014 (3) TMI 531 - AT - Income TaxAllowability of amortization - Premium of securities sold before the maturity date – Held that:- The CIT(A) has noted that certain requirements as stated in the RBI circular is required to be followed by an Assessee for conversion of security from HTM to other category - to ascertain as to whether the Assessee has correctly classified the securities as HTM and followed the guidelines prescribed by RBI, the Assessee was asked to furnish the details, which the Assessee failed to furnish - CIT(A) has noted that the Assessee has failed to follow the RBI guidelines - In view of the contrary submissions of both the parties, the issue needs to be re-examined more so with respect to following by the Assessee of the applicable guidelines prescribed by RBI with respect to the valuation, accounting treatment and other procedural requirements – thus, the matter is remitted back to the CIT(A) for fresh adjudication – Decided in favour of Assessee.
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