ASSISTANT COMMISSIONER OF INCOME TAX AKOLA CIRCLE , AKOLA vs. AKOLA URBAN CO-OPRATIVE BANK LTD , AKOLA
In the result, appeal filed by the Revenue is dismissed
ITA 119/NAG/2020[2015-16]Status: DisposedITAT Nagpur25 Oct 2024AY 2015-16
Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member
For Appellant: Shri Dharan Gandhi a/wFor Respondent: Shri Sandipkumar Salunke
Section 143(3)Section 36(1)(viia)Section 40
2 (w.e.f. 15-1-2013)."
5.3.1 Further, as per section 5 of the above referred Act:
"5. Acquisition of rights or interest in financial assets.
(1) Notwithstanding anything contained in any agreement or any other law for the time being in force, any asset reconstruction company may acquire financial assets of any bank or financial institution-
5.3.2 The applicability