2019 (7) TMI 743

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.... the Revenue is directed against the order of Commissioner of Income Tax (Appeals)-13, Pune dated 23-11-2016 for the assessment year 2012-13. 2. The Revenue in appeal has assailed the findings of Commissioner of Income Tax (Appeals) by raising four grounds on two issues. The ground Nos. 1 to 3 of the appeal are on the issue of interest on sticky loans. The second issue raised in ground No. 4 is q....

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....ri Sahakari Bank Ltd. (supra). 3.1 In respect of ground No. 4 of the appeal the ld. AR submitted that the Assessing Officer had made disallowance of Rs. 3,32,385/- u/s. 14A r.w. Rule 8D. The Assessing Officer made disallowance without appreciating the facts that the assessee had not earned any exempt income during the period relevant to the assessment year 2012-13. The Commissioner of Income Tax ....

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....in the case of Commissioner of Income Tax Vs. Deogiri Nagari Sahakari Bank Ltd. (supra). The Hon'ble High Court held that Co-operative Banks are eligible for deduction u/s. 43D in respect of interest on sticky advances/Non Performing Assets. The aforesaid law has been reiterated by the Hon'ble High Court in the case of Principal Commissioner of Income Tax Vs. Solapur District Central Co-op. Bank L....