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COURT:
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DATE: October 31, 2014 (Date of pronouncement)
DATE: November 3, 2014 (Date of publication)
AY: 2009-10
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CITATION:
Interest on NPAs is not taxable. As there is a conflict on the point between Vasisth Chay Vyapar Ltd 330 ITR 440 (Del) and Sakthi Finance Ltd., (2013) 31 taxmann.com 305 (Mad), the view in favour of the assessee has to be followed

Based on the prudential norms, the assessee herein did not admit the interest relatable to NPA advances in its total income. The Delhi High Court in Vasisth Chay Vyapar Ltd 330 ITR 440 (Del) has held that the interest on …

ACIT vs. Solapur Siddheshwar Sahakari Bank Ltd (ITAT Pune) Read More »

Posted on by editor
COURT:
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DATE: July 30, 2014 (Date of pronouncement)
DATE: October 8, 2014 (Date of publication)
AY:
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CITATION:
Interest on NPAs, even if credited to the Profit & loss account, is not chargeable to tax

While constructing its Profit & Loss Account to arrive at its net Profit or Loss, a Co-operative Society is required to show interest accrued/accruing on amounts of Overdue Loans separately. This is precisely what has been done by the assessee …

The Solapur District Central Co-op. Bank Ltd vs. ACIT (ITAT Pune) Read More »