2018 (6) TMI 1663

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....sessee by Shri H.P. Mahajan Revenue by Ms. Arju Garodia ORDER R.C.Sharma (A.M): These M.A. arose out of ITA Nos.5434/Mum/2011 & 5435/Mum/2011. 2. Certain apparent mistakes are pointed out by learned AR in the order passed on 09/10/2015. As per learned AR in its order dated 09/10/2015 towards the end of paragraph 12 on page 7 of the order - "There is no dispute that the asse....

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....not been specifically adjudicated by the Tribunal. As it is a mistake apparent from record, we recall the order to a limited extent of deciding whether balance in Profit and Loss Account which is not in the nature of ―any other reserve having specific objectives‖, should form part of general reserves'. We direct accordingly. 5. In the result, M.A. filed by the assessee is allowed in....

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....on-performing Assets under Section 43D of Income Tax Act read with Rule 6 EB without appreciating the fact that the Appellant had consistently followed the Accounting Policy of accruing interest income on NPA on realization which is also in compliance with mandatory NHB Guidelines, AS 9 and Other applicable Accounting Standards, Provisions of the Companies Act and Income tax Act. Without prejudice....