TMI Blog2017 (9) TMI 187X X X X Extracts X X X X X X X X Extracts X X X X ..... n case of Principal Commissioner of Income Tax v. Shri Mahila Sewa Sahakari Bank Ltd. [2016 (8) TMI 377 - GUJARAT HIGH COURT] in which the assessee-cooperative bank had not recognized the interest on NPAs as per the section 45Q of the RBI and prudential Norms issued by the RBI in exercise of its statutory powers.. The Court was of the opinion that the bank was bound by such directives of RBI. The ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ch a contention and referred to the decision of Supreme Court in case of Southern Technologies Ltd. (supra) before coming to the above noted - Decided against revenue - Tax Appeal No. 584 of 2017 - - - Dated:- 23-8-2017 - MR. AKIL KURESHI AND MR. BIREN VAISHNAV, JJ. For The Appellant : Mr Pranav G Desai, Advocate ORAL ORDER ( PER : HONOURABLE MR.JUSTICE AKIL KURESHI) 1. Re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... wing observations: 3. Having heard both the parties we find that this issue is no more resintegra. In the written submissions the assessee has relied on the decision of Hon'ble Gujarat High Court in the case of Principal CIT Vs Mahila Seva Sarkari Bank Limited wherein after referring to a plethora of decisions on this issue, the Hon'ble Gujarat High Court held that assessee was corr ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . It was the case in which the assesseecooperative bank had not recognized the interest on NPAs as per the guidelines of the Reserve Bank of India. The Court was of the opinion that the bank was bound by such directives of RBI. The Court relied upon a CBDT circular in this respect and held that the interest was not taxable on the basis of accrual. The situation being identical, the issue is cove ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
