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The Commissioner of Income Tax-II, Thane Versus Thane Bharat Sahakari Bank Ltd.

2015 (3) TMI 1026 - BOMBAY HIGH COURT

Disallowances on the loss of shifting classified securities - Held that:- Tribunal in dismissing the revenue's appeal and upholding the order of the Commissioner found that similar exercise was undertaken by another assessee Latur Urban Coop. Bank Ltd. [2015 (3) TMI 920 - ITAT PUNE]. - Once such is the nature of material before the Commissioner of Income Tax (Appeals) and the Income Tax Appellate Tribunal, then, we are of the opinion that the view taken by the Tribunal cannot be termed as pe .....

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None ORDER P.C. 1. We have heard Mr.Suresh Kumar, learned counsel appearing on behalf of the revenue. 2. The revenue has challenged the order dated 17th October, 2012 of the Income Tax Appellate Tribunal for assessment year 2008-09. 3. The assessee before the Tribunal is a Co-operative bank. It is functioning under the Maharashtra Co-operative Societies Act, 1960 and carries on banking business in terms of a licence issued in its favour by the Reserve Bank of India. The bank was aggrieved and di .....

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shifting the relative investment would be recorded at the market value on the date of shifting. The Reserve Bank of India also directed that any loss occasioned shall be fully written off in five years. 5. In the present case, while so shifting the securities, the loss was recorded that was because of the likely value on the date of shifting. The Commissioner of Income Tax (Appeals) accepted the bank's claim vide his order which was passed on 29th July, 2011. The Commissioner in paragraph 5 .....

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ly face value. Thus, the face value to be received at the time of maturity date is certain and, therefore, the premium needs to be spread over the life of the security. This explanation given by the bank was not accepted by the assessing officer. The Commissioner referred to the RBI policy and guidelines. He also perused the order of the assessing officer. The Reserve Bank of India by the guidelines dated 16th October, 2008 which are referred to permitted write off of losses arising from shiftin .....

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