2019 (4) TMI 824

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....e addition/disallowances towards accrued interest on NPAs of Rs. 25,00,752/- and Investment Depreciation Reserve of Rs. 10,75,880/- is wholly illegal, unlawful and against the principles of natural justice. 1.2 The Ld. CIT(A) has grievously erred in law and or on facts in not considering fully and properly the submissions made and evidence produced by the appellant with regard to the impugned additions. 2.1 The Ld.CIT(A) has grievously erred in law and on facts in confirming that the interest of Rs. 25,00,752/- on NPAs provided by the appellant bank in accordance with the guidelines of RBI and recognized accounting practice had accrued and chargeable to tax. The Ld. CIT(A) has failed to appreciate that there being no real ....

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....as to tax. Therefore such disallowance cannot be made. With regard to disallowance of Investment Depreciation Reserve of Rs. 10,75,880/-. However, without considering the same upheld the disallowance of Investment Depreciation Reserve of Rs. 10,75,880/-. 5. We have gone through the relevant record and impugned order. Appellant is co-op bank registered under the Gujarat Co-Op Society Act and carrying on banking business as per Reserve Bank of India guidelines. 6. The appellant has furnished the complete list of Non Performing Assets as per RBI Guidelines and also furnished the details of interest accrued on such NPAs during the Financial Year 2010-11 which aggregated to Rs. 25,00,752/- and same was not charged as mandatorily stipula....