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.

Major relief to MSME including Small Traders announced in 32nd GST Council meeting held on 10th January 2019

Major relief to MSME including Small Traders were announced in 32nd GST Council meeting held today on 10th January 2019. 1.   Increase in...