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2015 (6) TMI 1100 - AT - Income TaxInterest accrued on non performing assets - Applicability of section 43D - Held that:- The perusal of section 43D clearly shows that it applies only to the Scheduled Banks and this fact was admitted by Ld. Counsel also that the same applies only in case of Financial institution or Scheduled Bank. Admittedly, the assessee is not a Scheduled Bank and, therefore, the provisions of section 43D were not applicable. In the case of ACIT v Punjab State Cooperative Bank Ltd. (2013 (8) TMI 476 - ITAT CHANDIGARH ), the relief was granted mainly on the basis of section 43D and, therefore, that decision could not have been relied on for dismissing the Revenue’s appeal in the present case. In our opinion, the Tribunal has inadvertently not noticed that decision of ACIT v Punjab State Cooperative Bank Ltd (supra) was rendered because of provisions of section 43D. Therefore, clearly an error has crept into the order of the Tribunal. Accordingly, we recall the order for the purpose of re-adjudication of only one issue i.e regarding relief granted by CIT(A) against interest in respect of non- performing loans which has been raised through ground No.1 by the Revenue
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