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2017 (12) TMI 1735 - AT - Income TaxProvisions of section 115JB applicability to the assessee bank - HELD THAT:- We notice that the Ld. CIT (A) has decided this issue in favour of the assessee by following the decision of the coordinate Benches of the Tribunal in the assessee’s own case [2013 (4) TMI 752 - ITAT MUMBAI] appellant is not a company under Companies Act but is only deemed to be a company as per the provisions of Sec. 11 of the Banking Companies (Acquisition and Transfer of Undertaking)Act,1970.Therefore as held by the Jurisdictional ITAT in the case of Maharashtra State Electricity Board [2001 (8) TMI 310 - ITAT MUMBAI] the provisions of Sec. 11 5JB cannot be made applicable to the appellant. Broken period interest paid by the appellant for acquiring securities - HELD THAT:- Following the reasons given in appellant’s own case for A.Y. 2010-11 and 2011-12 no disallowance is called for in respect of broken period interest on securities. Accordingly, the addition on account of broken period interest for acquiring securities is deleted.
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