TaxTMI 
TaxTMI 
2024 (4) TMI 606
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.....K. Garg, Ashish Bansal ORDER 1. Heard Shri Gaurav Mahajan, learned counsel for the revenue and Shri Ashish Bansal, learned counsel for the assessee. 2. Present appeal has been filed under Section 260A of the Income Tax Act, 1961 (hereinafter referred to as 'Act') against the judgement and order dated 24.07.2014 passed by the Income Tax Appellate Tribunal, Lucknow Bench "A" Lucknow in R....
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....ncome would be considered on accrual basis." 5. On Question no. 1, Shri Gaurav Mahajan has fairly stated that the issue is squarely covered by an order of the Supreme Court in Commissioner of Income Tax, 5 Mumbai v. Essar Teleholdings Ltd. [2018] 401 ITR 445. 6. On Question no. 2, the appeal has been pressed. Shri Gaurav Mahajan would submit that the Tribunal has erred in granting the benefit of....
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....ounsel for the parties and having perused the record, insofar as Question no. 2 is concerned, in the first place, Section 43D (a) reads as below : "(a) in the case of a public financial institution or a scheduled bank or [a cooperative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank or] a State financial corporation or a Sta....
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....g clauses (a) to (d).]" 10. In absence of any doubt as to the status of the assessee as a State Financial Corporation and in face of the statutory scheme allowing it to account for recovery of interest on bad debts on cash basis, primarily, there is no error seen in the order of the Tribunal having allowed the benefit to the assessee to account for interest of bad debts on cash basis. 11. The re....