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2015 (1) TMI 514 - ITAT PUNEAddition on account of interest on non-performing assets - Held that:- Following the precedent in the assessee’s own case for the assessment year 2008-09, we set aside the impugned order of the Commissioner (Appeals) and direct the Assessing Officer to delete the addition of ₹ 7,88,22,858/- as the lower authorities have misguided themselves in rejecting the claim of the assessee for non-recognition of interest income on NPAs. - Decided in favour of assessee. Interest on agricultural credit stabilization fund disallowed - Held that:- As noticed the assessee had suo-motu disallowed the said amount in the computation of income filed along with the revised return of income filed on 31st March 2011. In this background, it is also noticeable that before the learned Commissioner (Appeals) also, no specific ground was raised in this regard. Furthermore, the learned Authorised Representative submitted at the time of hearing that similar issue has been decided against the assessee by the Tribunal in the assessee’s own case for the assessment year 2008-09. - Decided against assessee. Claim of deduction under section 36(1)(viia)denied - Held that:- Tthe orders of the lower authorities deserve to be upheld inasmuch as the assessee has not made a Provision for bad and doubtful debts in the books of account equal to the amount of deduction sought to be claimed under Section 36(1)(viia) of the Act, and therefore, in our view, the lower authorities were justified in restricting the deduction to ₹ 50,00,000/- , being the amount of Provision actually made in the books of account. - Decided Against assessee.
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