broken period interest as against similar interest paid by Bank in respect of sale of the securities i.e., the assessee received broken period interest ... disallow the broken period interest in respect of the permanent securities held as the investment and allow the interest for a broken period in respect
securities it receives not only sale
value, but also the broken period interest which has
accrued on the securities till the date of sale. Thus ... price. The interest component for the broken period i.e. the period
prior to the due date for interest is only one of the factors
stock-in-trade. It was also clarified that the
interest paid for broken period on the
21
purchase of securities must be regarded as
revenue ... Vijaya Bank Ltd. was
concerned only with the claim for broken
period interest and did not decide the issue
whether the securities constituted stock
premium paid by the assessee has
been amortized over the remaining period of the
securities. We see no difference between the two
situations and therefore ... pointed out that the
Tribunal while deciding the issue of "broken period interest" in para 9 has
clearly held that income from
order of
the A.O in so far as interest for the broken period is
6
concerned as interest not accrued. The Appellate Tribunal
confirmed ... amendment to Section
145. When the assessee has shown the interest for the
broken period in the balance sheet, the said amount should
be considered
accepting the appellant's claim with regard to the broken period interest in its entirety and whether the Tribunal is right ... permanent or current and restricting the claim in regard to the broken period interest on securities?
(2) Whether on the facts and in the circumstances
allowing the appellant's claim for broken period interest?"
2. The above question was considered
thus argued that the amount was not disbursed but interest
was charged for the said period.
3. Respondents, in their reply to the notices issued ... obtaining no objection certificate from ICICI. The interest of `43,364/- was
charged for the broken period from 28.01.2011 to 05.02.2011 and that the
cycle
lessor is interested in his rentals and
not in the asset. He must get his principal back
along with interest. Therefore, the lease ... lease period usually coincides with the
economic life of the asset and may be broken
into primary and secondary period.
6. The lessor enters into
petitioner for a period of two years, 30%
be kept in form of FDR in the name of petitioner for a period of three years ... name of petitioner for a period of 5
years inclusive of upto date interest.
FDRs be not broken without the permission of this Tribunal
