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1 - 10 of 29 (1.23 seconds)Dcit Cir 4, Thane vs Vasai Vikas Sahakari Bank Ltd, Thane on 22 March, 2017
(g) Further without prejudice to the above, in view of the fact
that bank has been following practice of recognizing interest on
NPAs only actual realization basis and the department has
accepted above, there seems no reason why different treatment
ITA No.504/Rjt/2015
DCIT Vs. Gondal Nagrik Sahakari Bank Ltd.
The Banking Regulation Act, 1949
Uco Bank, Calcutta vs Commissioner Of Income-Tax, West ... on 13 May, 1999
In the said decision of the
Tribunal, viz.
The Income Tax Act, 1961
Section 14A in The Income Tax Act, 1961 [Entire Act]
M/S. Southern Technologies Ltd vs Joint Commnr. Of Income Tax, Coimbatore on 11 January, 2010
The observation of the Respected
Tribunal was that if the contention of the assessee was to be
accepted, then it would amount to insertion of "NBFC" in section
43-D of the I.T. Act. As against that, as far as the assessee is
concerned, it is an accepted fact that the assessee is a cooperative
bank and not a non-banking financial company and this
noteworthy distinction has already been appreciated by us in one
of the paragraphs above. "There is one more decision of the
Hon'ble Apex Court which is yet to be mentioned while discussing
the arguments raised from the side of the Revenue. A decision in
the case of Southern Technologies Ltd. v. Jt. CIT 320 ITR 577 (SC)
has been cited but the fundamental difference is that the issue
before the Hon'ble Court was in respect of provision for NPA and
debited to P&L Account by a NBFC. The said provision was
undisputedly made by the said NBFC as per the prudential norms
made by the Reserve Bank. Therefore we want to make it clear that
the question for consideration before the Hon'ble Court was that if
a provision for doubtful debt is made then what will be the legal
position of the applicability of Explanation to section 36(1)(vii) of
the IT. Act. For the sake of ready reference, relevant paragraph
from the held portion is reproduced below: "The income-tax is a
tax on "real income", i.e., the profits arrived at on commercial
principles subject to the provisions of the Act.
The Jt. Commissioner Of Income Tax, ... vs India Equipment Leasing Ltd. on 10 March, 2006
It is
worth to mention that for this decision, the Hon'ble Madras High
Court has relied upon an another decision of the same High Court
pronounced in the case of Jt.CIT v. India Equipment Leasing Ltd.
293 ITR 350."
C.I.T vs M/S Vasisth Chay Vyapar Ltd. on 13 December, 2017
Hon'ble
High Court of Delhi in the case of CIT v. Vasisth Chay Vyapar
Ltd. [2011] 330 ITR 440/196 Taxman 169/[2010] 8 taxman.com
145 in which the Hon'ble Delhi High Court has considered the
decision in the case of Southern Technologies Ltd. v. Jt. CIT
[2010] 320 ITR 577/187 Taxman 346 (SC). The Tribunal finally
held that the interest income rentable to NPA advances did not
accrue to the assesses.