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2015 (6) TMI 973 - ITAT AHMEDABAD

2015 (6) TMI 973 - ITAT AHMEDABAD - TMI - Disallowance on account of expenses being premium paid on SLR (Statutory Liquidity Ratio) investments - CIT(A) deleted the disallowance - Held that:- Amortization of premium is allowable in accounting practice. As per RBIís guidelines, amortization of premium in case of assets treated as HTM (Held to Maturity) (Investments) is to be amortized divided equally over the period which is remaining for their maturity. Same has been done by assesse. Amortizatio .....

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n view of above decision, we are not inclined to interfere in the finding of CIT(A) who has deleted the disallowance made on account of expenses being premium paid on SLR (Statutory Liquidity Ratio) investments. - Decided in favour of assessee. - ITA. No. 2059/Ahd/2011 - Dated:- 5-6-2015 - SHRI SHAILENDRA KUMAR YADAV, JUDICIAL MEMBER, AND SHRI N. S. SAINI, ACCOUNTANT MEMBER. By Appellant :Shri Dinesh Singh, Sr. D.R. By Respondent: ShriMukesh M. Patel, A.R. ORDER PER SHAILENDRA KUMAR YADAV, J.M: .....

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ating the same as capital in nature. 3. Matter was carried before the First Appellate Authority, wherein various contentions were raised on behalf of assessee and having considered the same CIT(A) has allowed the same, which has been opposed before us on behalf of Revenue. Learned Departmental Representative has supported the order of Assessing Officer. On other hand, learned Authorized Representative supported the order of CIT(A). 4. After going through rival submissions and material on record, .....

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