TMI Blog2012 (11) TMI 336X X X X Extracts X X X X X X X X Extracts X X X X ..... [2012 (9) TMI 774 - ITAT, BANGALORE] followed. Further, Premium amortized is claimed to be in respect of securities held under the category 'held to maturity'. The Assessing Officer has taken them as long term investments. In other words, he has accepted the assessee's claim that the securities are 'held to maturity'. That being so and having regard to the CBDT Instruction No.17 of 2008 dated.26.11.2008 as reproduced herein above, the premium paid on such government securities is required to be amortized over the period remaining to maturity - assessee is entitled to claim this deduction – appeal of assessee is allowed. - ITA No.488(Bang)/2011 - - - Dated:- 6-6-2012 - SHRI N. BARATHVAJA SANKAR, AND SHRI N.V.VASUDEVAN, JJ. Appell ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nes while prosecuting the appeal. 4. For these and such other grounds that may be urged at the time of hearing it is humbly prayed that the order of the AO may be annulled. 3. That on the facts and in the circumstances of the case learned CIT(A) has further erred in overlooking the written submissions made on the above lines while prosecuting the appeal. 4. For these and such other grounds that may be urged at the time of hearing it is humbly prayed that the order of the AO may be annulled. 3. The assessee is a co-operative bank engaged in the business of providing long term finance for industrial, agricultural development, development of infrastructure and housing, besides regular banking activities. The as ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ision of this Tribunal in the case of Sir M.Visweswaraya Co-operative Bank Ltd., in ITA No.1122/Bang/2010 dated 11-5-2012 and pleaded that the point at issue is now squarely covered by the said decision. 6. We have also heard the learned Departmental Representative and considered the facts and materials on record including the contents of the paper book and the decision of the Tribunal. We find that the decision dated 11-5-2012 in the case of M.Visweswaraya Co-operative Bank Ltd., (supra) is exactly on the very same issue and it covers the point at issue in the present case. One of the Members of this Bench is also a party to the order cited supra. In the case of M.Visweswaraya Cooperative Bank Ltd., (supra), the Tribunal has allowed the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ds, he has accepted the assessee's claim that the securities are 'held to maturity'. That being so and having regard to the CBDT Instruction No.17 of 2008 dated.26.11.2008 as reproduced herein above, the premium paid on such government securities is required to be amortized over the period remaining to maturity ." (iii) In the case of Corporation Bank v. ACIT, M'lore in ITA.112/Bang/2008(Bang), for the assessment year 2004-05, the earlier bench had also held a similar view. In the light of the above discussion and the case laws discussed supra, taking into account the totality of the facts and materials, we are of the considered view that the assessee is entitled to claim this deduction and hence we allow the grounds of the assessee ..... X X X X Extracts X X X X X X X X Extracts X X X X
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