AI Drafter 
TaxTMI 
TaxTMI 
2024 (6) TMI 1020
X X X X Extracts X X X X
X X X X Extracts X X X X
.... the Income Tax Act, 1961. The assessee has raised the following grounds of appeal : 1. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the addition of Rs. 6,66,151/- made by the AO and not appreciating the contention of the appellant that the provision @0.40% made on standard assets was as per the as per the NPA provisions norms and guidelines issued by Reserve Bank of India. 2. On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in confirming the addition of Rs. 12,34,000/- u/s 68 of the Act made by the AO and not appreciating the contention of the appellant that cash accepted during the demonetization period was towards the instalmen....
X X X X Extracts X X X X
X X X X Extracts X X X X
....mitted and the issue may be decided after considering the additional evidences. The Appellant relies on the ratio laid by the Hon'ble Supreme Court in the case of Tek Ram v. CIT (2013) 357 ITR 133 wherein it was held that where documents filed by assessee before Court had some relevance, same should be considered while deciding appeal. 2.1 The ld.AR has relied on the following decisions : 1. Hon'ble ITAT Pune Bench in ITO Vs. CD Patani Nagri Sahkari Pat Sanstha in ITA No.727/PUN/2022 for A.Y. 2017-18 dated 28.03.2023. 2. Hon'ble ITAT Pune Bench in Bhagur Urban Credit Co-operative Society Limited Vs. ITO in ITA No.561/PUN/2022 for A.Y.2017-18 dated 03.0.2023. 3. Hon'ble ITAT Chennai Bench in Purani Hospital ....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ance (Department of Economic Affairs), New Delhi dated 08/11/2016 (F. No. 10/03/2016-cy.l) and corrigendum of the said circular in assessment order. As per these notification, it is clear that only "banking company defined under the Banking regulation Act, 1949 (10 of 1949)" read "banking company, co-operative bank, corresponding new bank, subsidiary bank, regional rural bank and the state bank of India as defined under the Banking regulation Act, 1949 (10 of 1049) were allowed to accept old currency and the assessee as a NBFC was not allowed to accept old currency. During the assessment proceedings, the AO observed from the submissions made by the appellant that in Cash Book the cash balance on 08.11.2016 was Rs. 16,39,408/-. Howe....
X X X X Extracts X X X X
X X X X Extracts X X X X
....ying the provision of Section 68 of the I.T. Act 1961 and taxing such sum is correct." Department's View:- In view of AO's and NFAC's detailed reasoning and findings, the addition made by the AO requires to be confirmed. In this case, amount of Rs. 12,34,000/- was credited in the books of accounts of the appellant in financial year 2016-17. The explanation offered by the appellant was not satisfactory in the opinion of the assessing officer. The AO has relied on the Notification dt. 08.11.2016 and corrigendum on 09.11.2016 from Ministry of Finance defining banking company which included Co-operative Bank, Subsidiary Regional Rural Bank and Private Sector Bank and Public Sector Bank. The NBFCs were excl....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... engaged in financial lending to different sectors of society, it is proposed to amend the provision clause (viia) of sub- section (1) of section 36 so as to provide deduction from total income (computed before making any deduction under this clause and Chapter-VIA) on account of provision for bad and doubtful debts to the extent of five per cent of the total income in the case of NBFCs. This amendment will take effect from 1st April, 2017 and will, accordingly, apply in relation to the assessment year 2017-18 and subsequent assessment years. 4.3 Since AO and ld.CIT(A) failed to consider the provisions of 36(1)(viia)(d) and assessee had filed additional evidence to substantiate this claim, in the interest of substantial justice, we set- ....