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2015 (7) TMI 1272 - AT - Income TaxAddition towards the provision of bad debts on standard assets - addition u/s.36(1)(viia) on the ground that the assessee failed to furnish the details of deduction during the assessment year - Held that:- Before us, the assessee submitted that the deduction was allowable to the assessee as the same was claimed in pursuance to the guidelines of the Reserve Bank of India. However, he did not furnish the details and evidence or any documents in support of the same. In absence of the same, we find no infirmity in the order of the Commissioner of Income Tax(Appeals), which is confirmed and the ground of appeal of the assessee is dismissed. Addition u/s. 40(a)(ia) - disallowing the interest for not deducting TDS u/s. 194A(3)(v) - Held that:- In the light of the memorandum explaining the provisions in the Finance Bill 2015 and the clarification by the Board that the Circular has not been withdrawn, makes it ample clear that the impugned provisions relating to the liability of TDS would come with effect from 01/06/2015, we, therefore, set aside the findings of the Ld. CIT(A) and direct the Assessing Officer to delete the impugned additions made in the order u/s. 201(1) & 201(1A)- Decided in favour of assessee Addition on account of accrued interest on loans which are classified as ‘Non-performing Assets’ - Held that:- In view of the decision of the jurisdictional High Court in the case of JCIT Vs.M/s Canfin Homes Ltd (2011 (8) TMI 178 - KARNATAKA HIGH COURT), it is observed that the facts of the appellant bank are similar to the facts of the case before the Hon'ble High Court of Karnataka wherein it has been held that the contention of the revenue that in respect of non-performing assets even though it does not yield any income as the assessee has adopted a mercantile system of accounting, he has to pay tax on the revenue which has accrued notionally is without any basis.- Decided in favour of assessee
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