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2014 (4) TMI 1179 - AT - Income TaxInterest on Non-Performing Assets - accrual of income - Held that:- Identical issue had come up before the Tribunal in the case of The Omerga Janta Sahakari Bank Ltd [2014 (12) TMI 355 - ITAT PUNE] what to talk of interest, even the principle amount itself had become doubtful to recover - In this scenario it was legitimate move to infer that interest income thereupon has not “accrued”- thus, there was no infirmity with the decision of the CIT(A) in holding that the interest income relatable on NPA advances did not accrue to the assessee – Decided against revenue. Disallowance being amortization of premium on Government Securities - Held that:- We find the issue stands decided in favour of the assessee by the decision of the Coordinate Bench of the Tribunal in the case of Solapur Janta Sahakari Bank Ltd [2014 (1) TMI 1805 - ITAT PUNE] wherein held the Law is well settled that all the securities held by the Bank are part of the stock-in-trade irrespective of the fact how the classification is made.– Decided against revenue.
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