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2020 (10) TMI 33 - AT - Income TaxAccrual of income - interest income accrued on non-performing the assets - additions relating to interest income accrued on standard assets, disallowance made u/s 40(a)(ia) of the Act and disallowance made u/s 37(2B) - A.O. noticed that the assessee is following hybrid system of accounting, viz., cash system for accounting interest income on loans given by it and mercantile system for all other items - HELD THAT:- We notice that the issue relating to addition of interest income accrued on non-performing assets has been considered by the coordinate bench in the assessee’s own case in assessment year 2009-10 & 2010-11 [2017 (9) TMI 1897 - ITAT BANGALORE] and it was decided in favour of the assessee- mere nomenclature adopted with reference to the bad loans and advances receivable, would refer to all non-performing assets of any nature, of whatever category it was placed as a non-performing asset and therefore, the decision of this court in Canfin Homes Ltd.'s case [2011 (8) TMI 178 - KARNATAKA HIGH COURT] would squarely apply. Assessee has opted for settlement of the dispute under Vivad Se Vishwas Act, 2020 - Since the assessee has opted to settle the dispute under Direct Tax Vivad Se Vishwas Act, 2020, the assessee would be moving application for withdrawing the present appeal filed before the Tribunal in due course - no purpose will be served in keeping the appeal of the assessee pending. Accordingly, we dismiss the appeal of the assessee as withdrawn. The assessee seeks adjournment only for the reason that it has not received Form No.3, meaning thereby, the assessee wants to ensure that there is no difference in the tax amount payable by it. However, since we have dismissed the appeal of the assessee, it is given liberty to move appropriate application for recall of the present order in accordance with law, if the assessee intends to do so.
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