1975 (4) TMI 7

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....he following question for our decision : "Whether, on the facts and circumstances of the case, the addition of Rs. 35,331, representing interest on sticky advances, as income of the assessment year 1968-69 is valid in law ?" The assessee is the State Bank of Travancore, Trivandrum. The assessment year, to which this reference relates, is 1968-69, the accounting year relevant being the calendar....

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...., the Appellate Assistant Commissioner as well as the Tribunal held against the assessee, which occasioned this reference. An identical question raised by the same assessee was decided by this court in I.T.Rs. Nos. 27, 28 and 29 of 1971 and this court answered the question in favour of the department and against the assessee. In the said decision, reference was made to a decision of this court i....

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....m that of the decision in Catholic Bank of India Ltd. v. Commissioner of Income-tax [1964] KLT 653 (Ker), excepting that there has been no direction from the Reserve Bank of India to the assessee that the interest accruing from sticky advances need not be credited in the accounts. There was such a direction to the assessee whose case was dealt with in the decision in Catholic Bank of India Ltd. v.....