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2015 (11) TMI 642 - ITAT DELHIAddition under the head income from NPA (non performing assets)- CIT(A) deleted the addition as the same has not been actually received by the assessee - Held that:- We respectfully take cognizance of the judgment of coordinate bench of Delhi ‘H’ Bench in asessee’s own group cooperative bank case wherein it has been expressly held that as per RBI guidelines, the interest on NPA is not to be recognised and also as per Accounting Standard 9 issued by Institute of Chartered Accountants of India, that income is to be recognised only when there is some reasonable certainly about the receipt of income. In view of above, we have no reason to take a deviated view from the order of the Tribunal and therefore, we are unable to see any valid reason to interfere with the conclusion of the first appellate authority and thus, we uphold the same. Accordingly, ground of the revenue being devoid of merits is dismissed. - Decided against revenue Addition under the head premium expenditure on Govt. securities - whether the buy and sale of the Govt. securities is a normal business activity and the premium expenditure is a normal business expenditure - CIT(A) deleted the addition - Held that:- CIT(A) was right in granting relief to the assessee on this issue as to when the assessee cooperative bank is holding government securities till its maturity, the premium paid by the assessee cooperative bank thereon is a necessary expenditure for the purpose of business of the assessee cooperative bank and thus, the same is an allowable expenditure under the provisions of the Act and the first appellate authority was correct in granting relief to the assessee. - Decided against revenue
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