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TMI Blog2016 (6) TMI 1031X X X X Extracts X X X X X X X X Extracts X X X X ..... ookherjee, Advocate ORDER The Court : The appeal is directed against a judgement and order dated 28th January, 2010 passed by the learned Income Tax Appellate Tribunal "A" Bench, Kolkata in ITA No.1432(Kol) of 2008 pertaining to the assessment year 2005-06 by which an appeal preferred by the assessee was dismissed. Being aggrieved, the assessee has once again come up in appeal. The assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the aforesaid circular, the assessee has been amortizing the differential amount between face falue and market value of such security. The learned CIT(Appeals) and the learned Tribunal were of the opinion that such amortization was not permissible. The reasons advanced by the learned Tribunal are as follows : "We have carefully considered the arguments of both the sides and perused the material ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of a capital asset is not admissible under the provisions of the I.T. Act. The learned counsel for the assessee has also not been able to point out under which provision of the Act the deduction for the write off of the investment is permissible. Moreover, the Ld. Department Representative has pointed out that even the circular of the R.B.I., on which reliance is placed by the assessee for the wri ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... could be said to have been done was that by this process the assessee was engaged in reducing its net profit. This criticism would be of no effect, considering that the Tribunal itself has opined as follows : "From the above it is evident that u/s. 80P(2)(a)(i), deduction is allowable in respect of the income of a co-operative society from the business of banking or providing credit facilities t ..... X X X X Extracts X X X X X X X X Extracts X X X X
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