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Issues involved:
- Assessment year 2007-08: Revenue challenges deletion of addition on premium paid on Government securities, while assessee seeks deduction of provisions for cadre staff salary u/s 43B. - Assessment year 1994-95: Appeal regarding appealability of order u/s 154 and disallowance of excess interest refund. Assessment year 2007-08: - Revenue contested deletion of addition of Rs. 28,40,000 on premium paid on Government securities, arguing it is not revenue expenditure. However, Tribunal held that premium paid in relation to regular business activity of the bank is revenue expenditure, following precedents. Thus, revenue's appeal was dismissed. - Assessee sought deduction of provisions for cadre staff salary u/s 43B, which was partially paid before filing return. Tribunal allowed the deduction based on precedents supporting such deductions, concluding it as an allowable expenditure. As a result, assessee's appeal was allowed. Assessment year 1994-95: - Assessing Officer found defects in TDS certificates submitted by the assessee, leading to excess refund of interest. Subsequently, order u/s 154 was issued to withdraw the excess refund. Assessee contended that only interest for the delay attributable to them should be disallowed. - Tribunal determined that the order u/s 154 is appealable, as it was passed under the provisions of the Act. Regarding the interest disallowance, it was decided that interest should only be disallowed for the period of delay caused by the assessee, which was identified as five months. Thus, the appeal of the assessee was partly allowed for statistical purposes.
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