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TMI Blog2013 (6) TMI 919X X X X Extracts X X X X X X X X Extracts X X X X ..... e revenue is directed against orders of CIT(A) dated 27.08.2012 and pertains to assessment year 2009-10. The grounds of appeal are as under : - The Ld. CIT(A) has not adjudicated on the grounds of appeal mentioned in the memorandum of appeal in Form No. 35 where a patently wrong reliance on section 43D has been placed by the assessee. 2. The Ld. CIT(A) has not given opportunity of rebu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ee s appeal without identifying the assets that have become NPA. 2. In this case Assessing Officer was of the opinion that interest accrued on non performing assets (NPAs) should be added that to the income of the assessee which the assessee had failed to do. The assessee in this regard submitted that income has not been recognized on non-performing assets, in view the RBI guidelines. It was ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... to make the addition in this case as the loan/Principal amount has become bad (NPA) and at the same time the assessee had not received any interest income and as such no real income has accrued to the assessee. The assessee further placed reliance upon accounting standards 9 in this regard. It was further submitted that no interest would be said to have accrued to the assessee as the loans thereo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... it in the submission of the assessee regarding the notional interest income which has not been actually received by the assessee and as such the Assessing Officer is not justified to make the addition on the basis of notional interest income only and accordingly, the addition made by the Assessing Officer was deleted. 7. Agaisnt the above order, revenue is in appeal before us. We have heard bot ..... X X X X Extracts X X X X X X X X Extracts X X X X
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