Dismissing the appeal of the revenue the Court held that assessee which maintains its accounts in terms of RBI Regulations, the assessee is entitled to deductions. Accordingly the tribunal is justified in allowing the claim of the assessee on the issue of amortization of investment ‘ held to be maturity’. (AY. 2002-03,2005-06, 2006-07, 2009-10)
CIT v. Ing Vysya Bank Ltd (2020) 422 ITR 116 /186 DTR 193 / 313 CTR 69/ 270 Taxman 162 (Karn.)(HC)
S. 37(1) : Business expenditure–Amortization of investment ‘held to be maturity’–Tribunal is justified in allowing the claim. [S. 145]