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TMI Blog2018 (8) TMI 1558X X X X Extracts X X X X X X X X Extracts X X X X ..... in appeal against the judgment of the Income Tax Appellate Tribunal dated 30.01.2018 raising following questions for our consideration: "[A] Whether in the facts and circumstances of the case and law, the Appellate Tribunal is justified in considering the status of the assessee as "Scheduled Bank", even though the name of the assessee bank was not reflected in the second schedule of the Reserve ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... deduction of bad debt in terms of section 36(1) (viia)(a) of the Income Tax Act, 1961, ('the Act' for short). 3. For the assessment 2007-08, the Assessing Officer refused to treat the respondent bank as a scheduled bank. The undisputable facts emerging from the record however are that there were three Gramin banks. All of which were duly notified as scheduled banks as per the Government n ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... "5. The learned counsel Shri P.G. Desai for the appellant vehemently contended that the Tribunal committed serious error in overruling the decision of the CIT (Appeals), who had given detailed reasons. He submitted that the investment was in the nature of capital investment in the hands of the assessee as held by the CIT (Appeals). The CBDT Circular dated November 26, 2008 would not apply. There ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ortfolio of the banks is required to be classified under three categories viz. Held to Maturity (HTM), Held for Trading (HFT) and Available for Sale (AFS). Investments classified under HTM category need not be marked to market and are carried at acquisition cost unless these are more than the face value, in which case the premium should be amortised over the period remaining to maturity. In the ca ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... stion of law, therefore, arises." 5. Question-D pertains to addition of accrued interest on advances which had become NPA. The Tribunal deleted the same, upon which, the Revenue is in appeal before us. This issue is squarely covered by the judgment of the Division Bench of this Court in case of Principal Commissioner of Income Tax v. Shri Mahila Sewa Sahakari Bank Ltd. reported in [2017] 395 ITR ..... X X X X Extracts X X X X X X X X Extracts X X X X
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