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2016 (6) TMI 1031 - CALCUTTA HIGH COURT

2016 (6) TMI 1031 - CALCUTTA HIGH COURT - [2016] 386 ITR 144 - Amortization of premium on investment - Held that:- If the income of the assessee is deductible under section 80P, then whether the income has been reduced by the amortization or not becomes only a question of academic interest which does not involve any effect on the Revenue. There has been no loss of revenue. In such a case, insisting upon refusing to allow the amortization would result in insisting upon following a practice, contr .....

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tal expenditure ? - The question is already answered by our discussion made above in favour of the assessee. - ITA No. 108 of 2010 - Dated:- 21-6-2016 - Girish Chandra Gupta And Asha Arora, JJ. For the Assessee : Mr. R. Bharadwaj, Advocate For the Revenue : Mr. P. K. Bhowmik, Advocate, Mr. Soumitra Mookherjee, Advocate ORDER The Court : The appeal is directed against a judgement and order dated 28th January, 2010 passed by the learned Income Tax Appellate Tribunal A Bench, Kolkata in ITA No. .....

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dated 28th March, 2005, a copy whereof is at page-28 of the Paper Book, has issued the following guidelines : Scheduled UCBs may crystalize the provisions requirement arising on account of shifting of securities from HFT/AFS categories to the HTM category consequent to the issue of our guidelines dated 02.09.2004 and amortize the same over a maximum period of five years commencing from the current accounting year ending 31.03.2005, with a minimum of 20% of such amount, each year. Based on the af .....

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)(i). Section 80P(2)(a)(i) reads as under :- (2) The sums referred to in sub-section (1) shall be the following, namely :- (a) in the case of a co-operative society engaged in - (i) carrying on the business of banking or providing credit facilities to its members, From the above it is evident that u/s. 80P(2)(a)(i), deduction is allowable in respect of the income of a co-operative society from the business of banking or providing credit facilities to its members. We find that the deduction u/s.8 .....

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cular of the R.B.I., on which reliance is placed by the assessee for the write off, is not applicable, which has also not been controverted by the learned counsel. Considering the totality of the above factual as well as legal position, we find no justification to interfere with the order of the C.I.T.(A). The same is sustained. In the result, the assessee s appeal is dismissed. It would appear that the view taken by the learned Tribunal strictly speaking is not wrong. By amortizing the differen .....

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