Case Law Details
Case Name : ACIT Vs Solapur Siddheshwar Sahakari Bank Ltd (ITAT Pune)
Related Assessment Year :
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The assessee is a non-scheduled Co-operative Bank carrying on banking business in terms of a license issued by Reserve Bank of India (RBI), and is thus governed by Circulars of RBI relating to Prudential Norms, Income Recognition, Asset Classification, Provisioning and other related matters. In terms of such Prudential Norms of RBI, assessee did not account for interest relating to Non-Performing Assets (NPAs) i.e. advances to customers which were classified as NPAs in terms of the RBI guidelines. The Assessing Officer was of the opinion that interest income even in relation to such NPAs was l...
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right view. always accused gets benefit .accused till proved of his guilt by prosecutor, naturally accused is innocent is criminal jurisprudence same applicable even in civil issues, tax matters are just civil issues only, wherever actus rea or mens rea not proved then accused is safe, if prosecutor loses the matter, naturally the accused can move damages suits for liquidated damages on so many counts.