Forgot password
New User/ Regiser
⇒ Register to get Live Demo
2016 (9) TMI 54 - ITAT AHMEDABAD
Addition on account of accrued interest on NPAs - Held that:- We find that the ld.CIT(A) by a well-reasoned order and following the decision rendered by the Hon’ble Bombay High Court in the case of CIT vs. M/s.Deogiri Nagari Sahakari Bank Ltd [2015 (1) TMI 1218 - BOMBAY HIGH COURT] has held that notional interest income on accrual basis on the NPA accounts cannot be brought to tax. Before us, Revenue has not brought any contrary binding decision in its support. In view of the aforesaid set of facts, we see no reason to interfere with the order of the ld.CIT(A) and thus, the ground of Revenue is dismissed.