https://www.taxtmi.com/caselaws?id=278433 ITAT Visakhapatnam held that amortisation of premium on Government securities and HTM securities required fresh examination in light of earlier directions, and restored that issue to the Assessing Officer. It upheld disallowance of amortised loss on merger of cooperative banks because the statutory conditions for reorganisation and set-off were not met, and rejected the alternative goodwill claim as no goodwill had been acquired for consideration. Interest on share capital paid to members was allowed as a deductible outgoing, and the related disallowance under section 40(a)(ia) was deleted because no tax deduction at source was required on such interest to members. The provision for diminution in value of Government securities was sustained as a mere accounting provision, with consequential interest grounds dismissed. en-us Fri, 30 Dec 2016 00:00:00 +0530 Sat, 02 Feb 2019 08:03:44 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=278433 ITAT Visakhapatnam held that amortisation of premium on Government securities and HTM securities required fresh examination in light of earlier directions, and restored that issue to the Assessing Officer. It upheld disallowance of amortised loss on merger of cooperative banks because the statutory conditions for reorganisation and set-off were not met, and rejected the alternative goodwill claim as no goodwill had been acquired for consideration. Interest on share capital paid to members was allowed as a deductible outgoing, and the related disallowance under section 40(a)(ia) was deleted because no tax deduction at source was required on such interest to members. The provision for diminution in value of Government securities was sustained as a mere accounting provision, with consequential interest grounds dismissed. Case-Laws Income Tax Fri, 30 Dec 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=278433