Held, that excess cash, stale drafts and branch suspense account could not be treated as income of the assessee, because according to the Reserve Bank of India guidelines the amount should be transferred to the Depositors Education and Awareness Fund. The findings of the Commissioner (Appeals) deleting the addition is affirmed. (AY. 2015-16 to 2017-18)
City Union Bank Ltd. v.Dy. CIT (2024)112 ITR 337 /229 TTJ 139 (Chennai)(Trib)
S. 41(1) : Profits chargeable to tax-Remission or cessation of trading liability-Excess cash, stale drafts and branch suspense account-Transferred to depositors’ education and awareness fund-Cannot be treated as income-Deletion of addition is affirmed. [S.28 (iv)]