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2013 (9) TMI 1083 - ITAT PUNEInterest received from bad and doubtful debts (NPA) on actual receipt basis as per RBI guidelines as held by CIT(A) - Held that:- Admittedly, assessee has directly taken the interest to the Balance Sheet and it is not routed through the Profit & Loss Account. Moreover, the issue of the taxability of the interest on the sticky losses/advances, is covered in favour of the assessee by the decision of the coordinate Benches in the case of The Durga Cooperative Urban Bank Ltd., Vijayawada (2011 (3) TMI 1552 - ITAT VISAKHAPATNAM ) and Karnavati Cooperative Bank Ltd. (2011 (11) TMI 367 - ITAT AHMEDABAD ). We find no reason to interfere with the reasoned order of the Ld. CIT(A) and accordingly the same is confirmed. In the result, the Revenue’s ground is dismissed. Forfeited amount of the dividend - as per CIT(A) it is not an income of the assessee u/s.28 - Held that:- not controverted before us by the Ld. DR that the dividend which is forfeited was provided from the business profit which has already suffered the tax. In our opinion, as rightly held by the Ld.CIT(A), the provisions of section 41(1) are not applicable to the issue before us as the said provision operate in the different situation TDS provisions not applicable in case the payment already made before 31-03-2009 - Held that:- This ground is to go against the assessee by the decision of the Hon’ble High Court of Kolkata in CIT Vs. Crescent Export Syndicate [2013 (5) TMI 510 - CALCUTTA HIGH COURT] in which the decision of the Hon’ble Special Bench of the Tribunal in Merilyn Shipping and Transport [2012 (4) TMI 290 - ITAT VISAKHAPATNAM] has been reversed.
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