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2021 (3) TMI 781 - ITAT BANGALOREAddition with regard to accrued interest on standard assets - HELD THAT:- AR before the Assessing Officer had agreed to the addition stating that accrued interest to the extent of ₹ 9,90,000 is on standard assets and not on nonperforming assets (NPA’s). Therefore, see no reason to interfere with the orders of the Income Tax Authorities and confirm the addition. Disallowance invoking the provisions of section 40(a)(ia) - failure on the part of the assessee to deduct tax at source with regard to interest payment to the assessee’s members and cooperative societies - HELD THAT:- The issue raised in this appeal is squarely covered by the order of the Bangalore Bench of the Tribunal in the case of M/s.Chikmangalur Jilla Mahila Sahakara Bank Niyamitha [2018 (7) TMI 292 - ITAT BANGALORE]. No details with regard to payment of interest whether it is to members or to other cooperative societies have been furnished. Therefore, the matter needs to be examined by the A.O. de novo. The assessee is directed to furnish the necessary details with regard to the payment of interest whether it is paid to the members / other cooperative societies or to non-members. A.O. is directed not to make disallowance with regard to the interest paid to assessee’s members and other cooperative societies. Appeal filed by the assessee is allowed for statistical purposes.
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