TMI Blog2015 (1) TMI 1270X X X X Extracts X X X X X X X X Extracts X X X X ..... A, AM : This appeal filed by the assessee is directed against the order dated 27-04-2012 of the CIT(A)-III, Pune relating to Assessment Year 2010-11. 2. The only effective ground raised by the assessee reads as under : 1) On the facts and in the circumstances of the case the Id. CIT(A) has erred in not allowing the deduction of ₹ 25,93,929/- that claimed on account of amortization of premium paid on Government Securities which fall in the category of held to maturity and overlooking the CBDT Circular No. 17 of 2008 dated 26/1 1/2008. (The appellant actually claimed ₹ 35,28,509/- on this account. The Assessing Officer erroneously however disallowed ₹ 25,93,929/-, the same amount was challenged in ground of app ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... on HTM securities as deduction from profits at the bank. Various decisions were also brought to the notice of the Ld.CIT(A). However, he was also not satisfied with the arguments advanced by the assessee and upheld the addition made by the AO. 3.1 Aggrieved with such order of CIT(A) the assessee is in appeal before us. 4. The Ld. Counsel for the assessee at the outset submitted that the assessee has actually claimed ₹ 35,28,509/- on this account. However, the AO has erroneously disallowed an amount of ₹ 25,93,929/- and the CIT(A) also has erroneously confirmed the same. Referring to the decision of the Hon ble Bombay High Court in the case of CIT Vs. HDFC Bank Ltd. (copy filed) he submitted that the issue stands squarely d ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the Ld.CIT(A) upheld the disallowance so made by the AO. We find before the Hon ble Bombay High Court in the case of HDFC Bank Ltd., (Supra) the following substantial question of law was raised : c Whether the ITAT is right in law in holding that the assessee is entitled for deduction with respect to the diminution in value of the investment and amortization of premium on investment held to maturity on the ground of mandate by RBI guidelines thereby ignoring the decision of the Supreme Court in the case of Southern Technologies Vs. CIT (320 ITR 577)? 6.1 We find the Hon ble High Court dismissed the appeal filed by the Revenue on this issue by observing as under : 7. As far as question (C) is concerned, we find that an identical ..... X X X X Extracts X X X X X X X X Extracts X X X X
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