https://www.taxtmi.com/caselaws?id=278420 ITAT Visakhapatnam reiterated that interest on share capital paid to co-operative bank members was not disallowable merely as an appropriation of profits, following earlier years' rulings in the assessee's own case. It also held that interest paid to members was not subject to disallowance under section 40(a)(ia) for non-deduction of tax at source in the applicable co-operative bank context. Premium on held-to-maturity government securities was treated as capable of amortisation over the remaining maturity period, subject to verification and allowance in accordance with law. However, the claim for loss on merger of co-operative banks failed because the statutory conditions for carry-forward and set-off were not satisfied. en-us Fri, 12 Jan 2018 00:00:00 +0530 Fri, 01 Feb 2019 06:58:16 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278420 ITAT Visakhapatnam reiterated that interest on share capital paid to co-operative bank members was not disallowable merely as an appropriation of profits, following earlier years' rulings in the assessee's own case. It also held that interest paid to members was not subject to disallowance under section 40(a)(ia) for non-deduction of tax at source in the applicable co-operative bank context. Premium on held-to-maturity government securities was treated as capable of amortisation over the remaining maturity period, subject to verification and allowance in accordance with law. However, the claim for loss on merger of co-operative banks failed because the statutory conditions for carry-forward and set-off were not satisfied. Case-Laws Income Tax Fri, 12 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278420