The Tax Publishers2021 TaxPub(DT) 0325 (Sur-Trib)

INCOME TAX ACT, 1961

Section 37(1)

In view of CBDT Instructions, dated 26-11-2008, deduction of amortized expenditure on premium on investment was allowable as expenditure.

Business expenditure - Allowability - Premium paid on investment amortized -

Assessee, a Co-operative Bank, claimed deduction of premium paid on investment amortized. Held: In view of CBDT Instructions, dated 26-11-2008, deduction of amortized expenditure on premium on investment was allowable as expenditure.

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2009-10


INCOME TAX ACT, 1961

Section 40(a)(ia)

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