Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (4) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (4) TMI 1229 - HC - Income TaxDisallowance of Amortized Premium - HELD THAT:- It is an admitted position that the controversy involved in the present case is no longer res integra as the same stands concluded by a decision of this High Court in the case of Commissioner of Incometax, RajkotII v. Rajkot District Cooperative Bank Ltd. . [2014 (3) TMI 110 - GUJARAT HIGH COURT] held that amortisation of premium paid on acquisition of securities when the same are acquired at the rate higher than the face value. Such amortisation would have to be for the remaining period of maturity. This precisely the Tribunal had directed in the impugned order. Though contended, no contrary instructions of CBDT are brought to our notice. The instruction in question having been issued under section 119(2) of the Incometax Act, 1961, would bind the Revenue. No question of law, therefore, arises.
|