2013 (6) TMI 919

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....n Seem, Sr. DR. ORDER PER SHAMIM YAHYA, AM: This appeal by the revenue is directed against orders of CIT(A) dated 27.08.2012 and pertains to assessment year 2009-10. The grounds of appeal are as under : - "The Ld. CIT(A) has not adjudicated on the grounds of appeal mentioned in the memorandum of appeal in Form No. 35 where a patently wrong reliance on section 43D has been placed ....

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....w the assessee followed the same." 6. "The Ld. CIT(A) has erred in allowing the assessee's appeal without identifying the assets that have become NPA." 2. In this case Assessing Officer was of the opinion that interest accrued on non performing assets (NPAs) should be added that to the income of the assessee which the assessee had failed to do. The assessee in this regard submitted tha....

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....the assessee. 5. Before the Ld. CIT (A) assessee submitted that Assessing Officer was not justified to make the addition in this case as the loan/Principal amount has become bad (NPA) and at the same time the assessee had not received any interest income and as such no real income has accrued to the assessee. The assessee further placed reliance upon accounting standards 9 in this regard. It wa....

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....ance Co. Ltd. 331 ITR 229 (Mad) [2011]" 6. Upon consideration of the above, the Ld. CIT(A) opined that he was of the view that there was considerable merit in the submission of the assessee regarding the notional interest income which has not been actually received by the assessee and as such the Assessing Officer is not justified to make the addition on the basis of notional interest income on....