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TMI Blog2021 (3) TMI 781X X X X Extracts X X X X X X X X Extracts X X X X ..... T:- The issue raised in this appeal is squarely covered by the order of the Bangalore Bench of the Tribunal in the case of M/s.Chikmangalur Jilla Mahila Sahakara Bank Niyamitha [ 2018 (7) TMI 292 - ITAT BANGALORE] . No details with regard to payment of interest whether it is to members or to other cooperative societies have been furnished. Therefore, the matter needs to be examined by the A.O. de novo. The assessee is directed to furnish the necessary details with regard to the payment of interest whether it is paid to the members / other cooperative societies or to non-members. A.O. is directed not to make disallowance with regard to the interest paid to assessee s members and other cooperative societies. Appeal filed by the assessee is ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Reserve Bank of India. Interest on the same is not offered to income tax as income accrued on Bad debts is taxable in the year in which it is actually received under section 43D of the Income Tax Act. However assessee was asked for breakup of ₹ 66,24,000/-. In his reply dated 08/07/2014 Assessee bank furnished the details. On perusal of the reply it is seen that total overdue of interest on bad and doubtful debt amounts to ₹ 56,24,561/- for the previous year relevant to the assessment year 2012-13. Also authorized representative stated that remaining amount would be accrued interest on standard asset and agreed for the addition. Therefore ₹ 9,99,439/- accrued interest on standard asset has to be added back to the total inc ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... DS. The Assessing Officer held that section 194A(3)(i)(b) of the I.T.Act is specific provision and have application and not section 194A(3)(v) of the I.T.Act, as contended by the assessee. 4.1 Aggrieved, the assessee preferred an appeal to the first appellate authority. The CIT(A) confirmed the assessment order. 4.2 Aggrieved, the assessee has filed this appeal before the Tribunal. The learned AR submitted that the issue in question is squarely covered by the order of the Tribunal in the case of M/s.Chikmangalur Jilla Mahila Sahakara Bank Niyamitha v. ACIT in ITA No.1384/Bang/2018 (order dated 4th July, 2018). 4.3 The learned Standing Counsel relied on the orders passed by the Income Tax Authorities. 4.4 I have heard rival submi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... resent case. Following the same we allow the appeal of the assessee. 4.5 However, no details with regard to payment of interest whether it is to members or to other cooperative societies have been furnished. Therefore, I am of the view that the matter needs to be examined by the A.O. de novo. The assessee is directed to furnish the necessary details with regard to the payment of interest whether it is paid to the members / other cooperative societies or to non-members. The A.O. is directed not to make disallowance with regard to the interest paid to assessee s members and other cooperative societies. It is ordered accordingly. 5. In the result, the appeal filed by the assessee is allowed for statistical purposes. Order pronounce ..... X X X X Extracts X X X X X X X X Extracts X X X X
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