2018 (7) TMI 1891

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....M.R. SHAH) 1. Feeling aggrieved and dissatisfied by the impugned judgment and order passed by the learned Income Tax Appellate Tribunal, Ahmedabad `B' Bench, Ahmedabad, dated 19.01.2018 passed in ITA No.1967/Ahd/2015 for the Assessment Year 2012-13, by which the learned Tribunal has dismissed the appeal preferred by the Revenue and has confirmed the order passed by the CIT (Appeals) deleting the ....

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....akari Bank Ltd., reported in (2017) 395 ITR 324 (Guj.). In the said decision, in similar set of facts and circumstances, the Division Bench of this Court has observed and held that in view of mandate of the RBI guidelines, it is permissible for the assessee to recognize income from nonperforming assets on accrued basis and can book such income only when it is actually received. It is further obser....