2014 (1) TMI 1728

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.... PER SHAILENDRA KUMAR YADAV, J.M: This appeal has been filed by the revenue against the order of Commissioner of Income Tax (Appeal), [short CIT(A)] Kolhapur, dated 31.10.2012 for A.Y. 2009-10 on the following grounds. 1. Whether on the facts and in the circumstances of the case and in law, the learned CIT(Appeals) erred in holding that provisions of Section 43D were applicable to the ass....

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....ative Bank engaged in the business of accepting deposits from members and giving loans to members. It has filed its return of income on 11.09.2009 for the year under consideration declaring total income at  14,57,840/-. In the scrutiny assessment, the Assessing Officer noticed that the assessee had not credited interest receivable or accrued on nonperforming assets (hereinafter referred to as....

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....in ITA No.795/PN/2011, the CIT(A) has decided the issue in favour of the assessee and the same has been opposed before us on behalf of revenue. 2.1 After going through the rival submissions and material on record, we find that in Osmanabad Janta Sahakari Bank Ltd. (supra) the Tribunal has decided the issue in favour of assessee by observing as under:  "7. In the case before us, ad....

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..../s Latur Urban Co-operative Bank Ltd. ITA No.792/PN/2011 and (iv) Asst. CIT, Circle-1 V/s Deogiri Nagari Sahakari Bank Ltd. ITA No.817 & 1114/PN/2011. 2.2 Nothing contrary was brought to our knowledge on behalf of revenue. Facts being similar, so following the same reasoning, we are not inclined to interfere in the findings of CIT(A) who has held that the provisions of section 43D were applicab....