2019 (7) TMI 743

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.... PER VIKAS AWASTHY, JM : This appeal by 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.....

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.... of Commissioner of Income Tax Vs. Deogiri Nagari 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 assessm....

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....en laid to rest by Hon'ble Jurisdictional High Court 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 ....