Appeal Dismissed: Precedent Upheld on Tax Issues

The High Court dismissed the appeal, as all issues raised had been previously decided in favor of the Assessee in prior cases. The Court declined to frame any questions on the disallowance of amortization of premium paid on securities, disallowance of depreciation on securities, contribution to the pension fund, and deletion of additions in the Assessee's book profit computed under Section 115JB of the Act. The Court noted the decisions from previous cases and the lack of contrary views presented by the Revenue, ultimately leading to the dismissal of the appeal.

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Issues:
1. Disallowance of amortization of premium paid on securities
2. Disallowance of depreciation on securities including loss on shifting of securities
3. Contribution made to the pension fund and its allowability under Section 37 of the Act
4. Deletion of additions in the Assessee's book profit computed under Section 115JB of the Act

Issue 1 - Disallowance of amortization of premium paid on securities:
The High Court noted that this issue was previously decided in favor of the Assessee in a prior case. The Court referenced a decision from September 2012, which covered the same disallowance of &8377; 35,20,25,056/- on account of amortization of premium paid on securities. As the issue was already settled in favor of the Assessee, the Court declined to frame any question on this issue.

Issue 2 - Disallowance of depreciation on securities including loss on shifting of securities:
Similar to the first issue, the High Court found that this issue was also previously decided against the Revenue in a prior case from September 2012. The Court noted that the deletion of the addition made by the Assessing Officer on account of disallowance of depreciation on securities, including loss on shifting of securities, was covered by the earlier decision. Therefore, the Court declined to frame any question on this issue.

Issue 3 - Contribution to the pension fund and its allowability under Section 37 of the Act:
The third issue focused on the deletion of the addition of &8377; 38,02,52,097/- made by the Assessing Officer on account of the contribution to the pension fund. The High Court observed that the ITAT had decided in favor of the Assessee, relying on a decision of the Bombay High Court. The Bombay High Court consistently held that contributions to pension funds, although not allowable under Section 36(1)(iv) of the Act, are allowable under Section 37. The Revenue failed to present any contrary view to the Court, and the Court noted that the Revenue's appeal against the Bombay High Court decision did not result in a stay. Consequently, the Court declined to frame a question on this issue.

Issue 4 - Deletion of additions in the Assessee's book profit under Section 115JB of the Act:
Regarding the deletion of additions in the Assessee's book profit computed under Section 115JB of the Act, the High Court mentioned that a previous order from September 2012 had remanded the issue to the AO for fresh consideration. Subsequently, the AO accepted the Assessee's plea. As a result, the Court declined to frame a question on this issue as well. Ultimately, the appeal was dismissed by the Court.

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