https://www.taxtmi.com/caselaws?id=329322 The court held that amortization of the differential amount between face value and market value of securities by a cooperative bank, as per an RBI circular, was permissible under Section 80P. While acknowledging that Section 80P pertains to income from banking or credit facilities, the court emphasized that allowing amortization did not impact revenue if income was deductible under Section 80P. The decision favored the assessee, endorsing the permissibility of amortization within the Section 80P framework, ultimately disposing of the appeal in favor of the assessee. en-us Tue, 21 Jun 2016 00:00:00 +0530 Thu, 01 Sep 2016 10:51:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=329322 The court held that amortization of the differential amount between face value and market value of securities by a cooperative bank, as per an RBI circular, was permissible under Section 80P. While acknowledging that Section 80P pertains to income from banking or credit facilities, the court emphasized that allowing amortization did not impact revenue if income was deductible under Section 80P. The decision favored the assessee, endorsing the permissibility of amortization within the Section 80P framework, ultimately disposing of the appeal in favor of the assessee. Case-Laws Income Tax Tue, 21 Jun 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=329322