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Provisions on Notional basis & not accrued liability not eligible for deduction
Case Law Details
- Case Name
- Kanaka Mahalakshmi Cooperative Bank Ltd. Vs ACIT (ITAT Visakhapatnam)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2012-13 & 2013-14
- Courts
- All ITAT, ITAT Visakhapatnam
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Advocate Akhilesh Kumar Sah
Kanaka Mahalakshmi Cooperative Bank case: Provision made on notional basis and not on account of accrued liability not eligible for deduction.
Recently, in the Kanaka Mahalakshmi Cooperative Bank Ltd. vs. ACIT & vice-versa [ITA Nos. 299 & 300/VIZ/2017 and ITA Nos. 326 & 327/VIZ/2017, (A.Y.: 2012-13 & 2013-14), decided on 5.9.2018], there were cross appeals by the assessee and the Revenue for the AYs 2012-13 & 2013 & 14. In ITA No. 299/VIZ/2007, one of the ground related to the addition of Rs. 26,10,443/- on account of interest on reverse fun...
