Friday, 4 February 2011

Allowability of premium paid in excess of face value of investments under HTM category


ACIT, Mumbai Vs The Bank Of Rajasthan Ltd (Dated: December 22, 2010)
Income tax – Sections 145, 147, 148, Circular No 17 of 2008 – Whether the premium paid in excess of the face value of the investments classified under HTM category can be amortised over the maturity period and is allowable loss Revenue’s appeal dismissed : MUMBAI ITAT;

The above decision lays down that in the case of banks the premium paid in excess of the face value of investments classified under HTM category, which has been amortised over the period till maturity, is allowable as revenue expenditure since the claim is as per RBI guidelines and the CBDT also has directed to allow such premium.

GST Audit Report and Reconciliation Statement Format notified

The CBIC has notified the has notified Form GSTR-9C  for Audit Report and Reconciliation Statement  vide  Central GST (Tenth Amendment) Rul...