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2015 (1) TMI 1370 - AT - Income TaxAddition on interest income on Non-Performing Assets - Held that:- Identical controversy has been considered by the Pune Bench of the Tribunal in the case of ACIT vs. The Omerga Janta Sahakari Bank Ltd. vide order [2014 (12) TMI 355 - ITAT PUNE]. In the said precedent, the Tribunal considered the judgement of the Hon’ble Delhi High Court in the case of M/s Vasisth Chay Vyapar Ltd.[2010 (11) TMI 88 - Delhi High Court] as well as the judgement in the case of CIT vs. Sakthi Finance Ltd.(2013 (3) TMI 266 - MADRAS HIGH COURT), which had expressed divergent views with respect to the issue of accrual of interest income on NPA advances; and, following the proposition that in the absence of any judgement of the Jurisdictional High Court, there being contrary judgements of the non-jurisdictional High Courts, a decision which was favourable to the assessee was to be followed in view of the reasoning laid down in the case of CIT vs. Vegetable Products Ltd., (1973 (1) TMI 1 - SUPREME Court) and, thus the Tribunal decided the issue in favour of the assessee
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