2015 (12) TMI 195

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....Ys) 2009-10, 2010-11 and 2011-12 dated 11/05/2012, 01/11/2013 & 27/02/2015 respectively. Since common issues and facts are involved in these appeals, these were heard together and are being disposed of by way of this consolidated order for the sake of convenience. 2. First, we take up the Revenue's appeal in ITA No.1664/Ahd/2012 for AY 2009-10. The Revenue has raised the following grounds of appeal:- 1. The learned CIT(Appeals) has erred in law and on facts in deleting the additions made by the AO and allowing expenses amounting to Rs. 1,47,87,955/-. 2. On the facts and circumstances of the case the Ld.CIT(A) ought to have upheld the order of the Assessing Officer. It is therefore prayed that the order of the l....

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....r making disallowance of expenditure. 4. We have heard the parties, perused the material available on record and gone through the orders of the authorities below as well as the judgement/decision relied upon by the ld.counsel for the assessee. We find that the ld.CIT(A) had deleted the disallowance by observing as under:- "2.3. I have carefully considered the reasoning of the AO justifying the disallowance made by him and the submissions made by the appellant in this regard. Similar issue was decided in favour of the assessee in earlier assessment years including 2008- 09; wherein it was held as under: "I have carefully considered the reasoning of the AO justifying the disallowance made by him and the submissions made b....

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....s issue in favour of assessee by observing as under:- "4. After going through rival submissions and material on record, we are of the view that amortization of premium is allowable in accounting practice. As per RBI's guidelines, amortization of premium in case of assets treated as HTM (Held to Maturity) (Investments) is to be amortized divided equally over the period which is remaining for their maturity. Same has been done by assessee. Amortization of expenses has been recognized in similar circumstances in case of premium of debentures, which was also held as investments in different judgements including that of Hon'ble Supreme Court in case of Madras Industrial Investment Corp.Ltd. Vs. CIT(A) 225 ITR 802 (SC) relied by assessee....

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....ue in AY 2007-08 to AY 2009-10 was decided in favour of the appellant by his learned predecessor, who had respectfully following the ratio as laid down in the judicial pronouncements of the Hon'ble Supreme Court in the case of Madras Industrial Investment Corp. Ltd. v/s. CIT 225 ITR 802 and CIT v/s. Jagatjit Industries Ltd. 287 ITR 46 (Del) allowed the appeals on this point. The appellant requests that leave be granted to add, alter, amend or withdraw any ground of appeal on or before final hearing of the appeal. For AY 2011-12 The appellant respectfully submits as under: 1. That the learned CIT(Appeals) erred in law and on facts in confirming the disallowance of Rs. 1,71,50,992/-, being the appellant's c....