9911796707
TMI Blog2018 (5) TMI 151X X X X Extracts X X X X X X X X Extracts X X X X ..... hing but no revenue is yielded. In such cases, paying tax would not arise. Substantial question of law against the revenue. - I.T.A. NO. 100006/2017 - - - Dated:- 5-2-2018 - MRS. S. SUJATHA AND MR. JOHN MICHAEL CUNHA JJ. Appellants: (By Sri. Y.V. Raviraj, Adv) Respondent: (By Sri. Sangram S Kulkarni, Adv.) S. SUJATHA J., JUDGMENT This appeal is filed by the revenue und ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ore res integra in view of the decision of the Co-ordinate Bench of this Court in the case of Commissioner of Income-Tax and another Vs. Canfin Homes Limited (2012) 347 ITR 382 (Karn), which has been followed by yet another Co- ordinate Bench of this Court in the case of The Commissioner of Income Tax and another Vs. Shri Siddeshwar Co-Operative Bank Limited and others in ITA No.200002/2015 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... with a non-performing asset. As the definition of non-performing asset shows an asset becomes non-performing when it ceases to yield income. Non-performing asset is an asset in respect of which interest has remained unpaid and has become past due. Once a particular asset is shown to be a non-performing asset, then the assumption is it is not yielding any revenue. When it is not yielding any revenu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rming assets as defined in Volume I of Tannan s Banking Law and Practice in India has been extracted which rea ds as under: 1. Non-performing assets: An asset, including a leased asset, becomes non-performing when it ceases to generate income for the bank. A non-performing asset (NPA) is a loan or an advance where: (i) the interest and / or instalment of principal remain ove ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rence to categories of non-performing assets are extracted which reads as follows: Banks are required to classify non- performing assets further into the following three categories based on the period for which the asset has remained non-performing and the realisability of the dues: (a) Sub-standard Assets (b) Doubtful Assets (c) Loss of Assets 6. From the aforesaid, ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
