https://www.taxtmi.com/caselaws?id=257952 Interest on sticky advances and non-performing assets in the hands of a co-operative bank was held not to accrue as taxable income where recovery was doubtful, the amount was not brought to the profit and loss account, and RBI income-recognition norms supported the real income principle; the addition was therefore deleted. Section 14A could not be used to deny set off of carried forward losses merely because the assessee was a co-operative bank or had earlier enjoyed section 80P exemption, since the losses remained part of the computation of total income and were allowable under the Act; the disallowance was rejected. The relief granted to the assessee was sustained on both issues. en-us Fri, 31 Aug 2012 00:00:00 +0530 Fri, 27 Mar 2015 07:57:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=257952 Interest on sticky advances and non-performing assets in the hands of a co-operative bank was held not to accrue as taxable income where recovery was doubtful, the amount was not brought to the profit and loss account, and RBI income-recognition norms supported the real income principle; the addition was therefore deleted. Section 14A could not be used to deny set off of carried forward losses merely because the assessee was a co-operative bank or had earlier enjoyed section 80P exemption, since the losses remained part of the computation of total income and were allowable under the Act; the disallowance was rejected. The relief granted to the assessee was sustained on both issues. Case-Laws Income Tax Fri, 31 Aug 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=257952