2018 (1) TMI 1702

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....w the ld. CIT(A) has erred in deleting the disallowance of Rs. 1,39,95,558/- on account of derecognized interest." 3. At the outset, the ld. counsel for the assessee pointed out that the name of the assessee has been wrongly registered by the Registry of ITAT as "M/s Bhartiya Samruddhi Investment and Consulting Services Ltd." instead of "M/s Bhartiya Samruddhi Finance Ltd." and requested that the same may be rectified. The mistake pointed out by the ld. counsel for the assessee is quite evident from Form No. 36, order of the Assessing Officer as well as the impugned order. Accordingly, the contention of the ld. counsel for the assessee is found to be correct and, therefore, the Registry is directed to register the name correctly as mention....

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....ect after much reported failures of NBFCs and erosion of the public funds, in the year 1999. 5. The assessee submitted explanation which was not found satisfactory. Accordingly, the Assessing Officer added a sum of Rs. 1,35,95,558/- to the total income of the assessee. The ld. CIT(A) deleted the same since on identical facts, the issue in assessee's own case for assessment years 2004-05 to 2008-09 has been allowed by the ld. CIT(A) which has been confirmed by the ITAT is a matter of record. 6. We have heard the rival submissions, perused the orders of the A.O and the ld. CIT(A) and the relevant material on record. As regards accrual of interest on sticky loans, the Hon'ble Supreme Court in the case of State Bank of Travancore Vs. CIT ....

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....e, derecognition of interest on NPAs is not something barred by the Income tax law. Moreover, the issue is directly covered by assessee's own case by the ITAT Delhi Bench which has been mentioned by the ld. CIT(A) in his order, which for the sake of convenience is reproduced hereinbelow: "2.11 This matter has been agitated in appeals for the last several assessment years and has reached finality. The present position is as follows: Asst years Status 2004-05 to 2008-09 In all these years, the question of de recognised interest has been examined by the predecessor Commissioner of Income tax (Appeals) and by the Income tax Appellate Tribunal. In ITA No. 100 to 103/Del/2010 for the assessment years 2004-05, 2005-06, 2006-07 and ITA No. 23....