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2018 (7) TMI 1891 - GUJARAT HIGH COURTAddition being the interest accrued on NPA (bad and doubtful debts) - HELD THAT:- CIT(A) as well as the learned Tribunal have relied upon a binding decision of this Court in the case of Principal Commissioner of Income-Tax Vs. Shri Mahila Sewa Sahakari Bank Ltd. [2016 (8) TMI 377 - GUJARAT HIGH COURT] in similar set of facts and circumstances, the Division Bench of this Court has observed and held that in view of mandate of the RBI guidelines, it is permissible for the assessee to recognize income from nonperforming assets on accrued basis and can book such income only when it is actually received. As observed that the assessee being bound by the RBI guidelines, which are issued under the provisions of the RBI Act, 1934, had rightly not shown the interest on the non-performing assets as income. That thereafter, considering various other decisions on the point, the Division Bench of this Court in the aforesaid decision, has confirmed such a deletion of the addition made by the Assessing Officer in respect of interest accrued on bad and doubtful assets. Therefore, the issue involved in the present appeal is now not res integra in view of the binding decision of the Division Bench of this Court in the case of Principal Commissioner of Income-Tax Vs. Shri Mahila Sewa Sahakari Bank Ltd. (supra) - no question of law arises
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