2018 (11) TMI 646

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....ani & Ms. Ananya Kapoor, Advocates O R D E R   This appeal filed by the Revenue under Section 260A of the Income Tax Act, 1961 ('Act') impugns the order dated 21.11.2017 passed by the Income Tax Appellate Tribunal ('Tribunal') in the case of Punjab & Sind Bank. 2. The impugned order quashes the re-assessment proceedings initiated by the Assessing Officer under Section 147 read with S....

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....orded by the Assessing Officer were predicated on two grounds. In the present appeal, we are concerned with the first ground, i.e., change in method of accounting in relation to NPAs. As per the earlier method, the assessee was accounting for payments received first towards interest and thereafter towards the principal amount. As per the new method adopted by the respondent/assessee from this asse....

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....s of the note was to be drawn. The new and amended method of accounting for NPAs was declared and notified in clear words. We therefore do not see any reason and ground to interfere with the finding on absence of failure to disclose full and true material facts. 5. The second reason for re-opening, which is not pressed was provision for fraud cases of Rs. 2.22 crores treated as expenditure in t....