TMI Blog2014 (9) TMI 929X X X X Extracts X X X X X X X X Extracts X X X X ..... nil Kumar, CIT(DR) ORDER Per: Chandra Poojari: All these appeals filed by the assessee are directed against different orders passed by CIT(A)-II, Kochi for the assessment years 2008-09, 2009-10 and 2010-11 respectively. 2. The first ground is with regard to disallowance of provision for leave encashment. 3. The Ld. AR relied on the judgment of Hon'ble Jurisdictional High Court in the case of CIT vs. Hindustan Latex Ltd., (72 DTR 212) (Kerala). 4. On the other hand, the Ld. DR relied on the order of the CIT(A) on this issue. 5. After hearing both the parties, we are of the opinion that a similar issue was considered by this Tribunal in the assessee's own case for the assessment year 2007-08 in I.T.A. No. 169 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... received upfront on inland bills and export bills purchased/discounted. Though initially, the full amount received is credited to the P L account as it was received by the assessee, at the time of preparing final accounts, proportionate interest relating to the remaining period of maturity of the bills was transferred from the P L account to unexpired interest/discount/commission in the balance sheet. According to the Ld. AR, this amount is not accrued to the assessee and since the assessee can charge interest only on the borrower, such income is apportioned on the basis of period of time. In our opinion, when bills are discounted, the transaction is completed and income is accrued to the assessee and there is no question of postponement of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e up for consideration before this Tribunal on an earlier occasion in the case of The Dhanalakshmi Bank Ltd. vs. ACIT in I.T.A. Nos.93 94/Coch/2009 dated 30/12/2011 wherein it was held as under: 2. The first issue in this appeal is with reference to the disallowance in the sum of ₹ 59,22,784/-by applying s. 14A of the Act, with the impugned expenses including the purchase cost of interest-free securities, as also the proportionate share of administrative expenses, i.e., ₹ 58,641/-. It was the common contention of the parties during hearing before us that though the matter stands decided in the assessee's favour by the tribunal in the assessee's own case for earlier year, the matter has since attained finality by ..... X X X X Extracts X X X X X X X X Extracts X X X X
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