confirming the disallowance of provision for core banking solution of Rs.
1,50,00,000/- on the ground that it is not ascertained liability ... Model under the direction of
NABARD (National Bank for Agriculture and Rural Development) for implementing
core banking solution (CBS) to facilitate optimal technology in rural
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}kjk gh automatically lfClMh jkf'k dks ?kVkrs gq, dsoy outstanding amount
without accepting the
copies of bank account statements of the assessee and the creditor. After migrating
to core banking solutions, no banks ... without accepting the copies of bank
account statements of the assessee and the creditor. After migrating to core
banking solutions, no banks
fact that the circular
is applicable only in the case of Core Banking Solutions whereas
the case of the assessee in the relevant assessment year ... Core Banking Solutions.
2. The Ld. CIT (A) has erred on facts and in law in holding that
section 194 is not applicable in case
Core Banking Solution
Bank has entered into service level agreement for operating
lease with FIS on 19 November 2013 for all IT solution
Including Network ... Bank has Implemented the Application Service Provider
(ASP) model of the core banking Solution by a third-party IT
vendor, Fidelity National Information Services
free of cost. Further
as the Bank was going under the Core Banking Solution as such a notice to
that effect was displayed ... ground, interalia, that
the Doranda Branch of the Bank was undergoing core banking solution and a
notice to this effect was displayed in the bank
software
products developed by the company includes Finacle TM, Finacle
core banking solution, Finacle digital commerce solution, Finacle
WatchWiz, Infosys Health Benefit Exchange, etc. Thus
where such banking company or the
co-operative society or the public company has adopted core
banking solutions'.
(b) in clause
software products
developed by the company includes Finacle TM, Finacle core
banking solution, Finacle digital commerce solution, Finacle
WatchWiz, Infosys Health Benefit Exchange, etc. Thus
assessee, if such banking company or co-operative society
or the public company had adopted core banking solutions.
Exclusions under clause (iii) of sub-section ... where such banking company or the co- operative
society or the public company has adopted core banking
solutions ; . . .
(iii) to such income credited or paid
