Unlawful outward remittances via Hawala using proforma invoices and electronic records proved; documents admitted, directors penalised, penalties redu...
Attachment of equivalent-value properties as proceeds of crime upheld; preventive attachment order and confirmation sustained; no independent ED reinv...
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ITAT allowed the assessee-bank's claim for deduction of amortization of premium paid on purchase of government securities held under the HTM category. It held that the assessee, engaged in banking business under the Banking Regulation Act, 1949 and Regional Rural Banks Act, 1976, is statutorily required to invest in government securities to maintain SLR and capital adequacy norms prescribed by RBI. The Tribunal treated the premium amortized over the period to maturity as revenue expenditure, following its earlier precedent, and held that such amortization is an allowable deduction in computing taxable income. The Revenue's objections were consequently rejected.
ITAT allowed the assessee-bank's claim for deduction of amortization of premium paid on purchase of government securities held under the HTM category. It held that the assessee, engaged in banking business under the Banking Regulation Act, 1949 and Regional Rural Banks Act, 1976, is statutorily required to invest in government securities to maintain SLR and capital adequacy norms prescribed by RBI. The Tribunal treated the premium amortized over the period to maturity as revenue expenditure, following its earlier precedent, and held that such amortization is an allowable deduction in computing taxable income. The Revenue's objections were consequently rejected.
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