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2017 (5) TMI 255 - BOMBAY HIGH COURTDisallowance of on account of amortization in respect of Govt. Securities held in HTM category - Held that:- The issue raised herein stand concluded against Revenue and in favour of the Respondent-Assessee by decision of this Court in CIT v/s. Thane Bharat Sahakari Bank Ltd. [2015 (3) TMI 1026 - BOMBAY HIGH COURT] Tax on unclaimed dividend to Reserve Fund - addition on write back of unclaimed dividend - Held that:- We note that it is an undisputed position before us that in the present facts, the dividend had not been charged to the Profit & Loss Account. It forms part of appropriation of income as it is not debited to its Profit & Loss Account. In the above view, it is not disputed that the unclaimed dividend which has been transferred to the Reserve Fund, has already borne income tax. Thus, bringing the same to tax, would amount to double taxation. Our view is fortified by the observations of this Court in CIT v/s. M/s. Deogiri Nagari Sahakari Bank Ltd. [2015 (1) TMI 1218 - BOMBAY HIGH COURT ] on an identical fact situation, that the view of the Tribunal that no tax is payable or transfer of unclaimed dividend to Reserve Fund, calls for no interference. The above observations were made even when no specific question with regard to the same, had been specifically raised therein.
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