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2018 (2) TMI 1155 - HC - Income TaxAmortization of premium on securities held by the bank under category of 'Held Till Maturity” - whether a revenue expenditure? - Held that:- Issue urged herein stands concluded against the Revenue and in favour of the Respondent – Assessee by virtue of the decision of this Court in CIT Vs. Thane Bharat Sahakari Bank Ltd. [2015 (3) TMI 1026 - BOMBAY HIGH COURT] Addition of excess provisions made which remained a provision and not utilized even in the immediately succeeding year - Held that:- It is a settled position as held in E.D. Sasoon Co. Ltd. Vs. CIT [1954 (5) TMI 2 - SUPREME Court] that profits of a business implies a comparison between the state of a business at two different / specific dates separated by a year. The comparison between two dates given as the extent of profits / loss. Thus normally accounts are made up every year. In this case accounts have to accounted at 31 March of each year. The Assessee had made a provision on 31 March 2009 i.e. at the end of the previous year relevant to subject assessment year i.e. 2009-10 and determine profit as on 31 March 2003. Thus the position as exists on 31 March 2009 is due to be considered and not any other date. Appeal admitted on question 3) - Whether on the facts and in the circumstances of the case and in law, Tribunal was justified in deleting the addition made by the Assessing Officer on account of voluntary retirement payments made to the staff at the time of their leaving the employment without taking into account Section 35DDA of the Act”?
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