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2020 (1) TMI 697 - HC - Income TaxDisallowance of Amortized Premium - Tribunal deleted the addition - HELD THAT:- As decided in Rajkot District Co-op. Bank Ltd. [2014 (3) TMI 110 - GUJARAT HIGH COURT] the instructions clearly provide for 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 Income-tax Act, 1961, would bind the Revenue. No question of law, therefore, arises. - Decided against revenue
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