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2018 (2) TMI 263 - ITAT AHMEDABADApplicability of Section 43D - non applicability in case of the assessee bank as it is not a scheduled bank as classified to this effect by the Reserve Bank of India - Held that:- We find no merit in Revenue’s instant argument. Learned AR quotes before us judgment of PCIT vs. Shri Mahila Seva Sahakari Bank Ltd. (2016 (8) TMI 377 - GUJARAT HIGH COURT) upholding that once the assessee bank had not recognized any income as per RBI guidelines issued u/s.45Q of the Reserve Bank of India Act, 1934, provisions of Chapter III thereof would have an overriding effect over all other laws including the Income Tax Act, 1961. Hon’ble jurisdictional high court therefore has rejected Revenue’s twin identical arguments therein (supra) as adopted by the Assessing Officer whilst making the impugned addition in the instant case. We make it clear that the Revenue has not drawn any distinction on facts or law qua the above hon’ble jurisdictional high court’s judgment. We therefore see no reason to interfere with the learned CIT(A)’s order deleting the impugned addition. - Decided in favour of assessee
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