| COURT: | ITAT Pune |
| CORAM: | G. S. Pannu (AM), Sushma Chowla (JM) |
| SECTION(S): | 4, 43D |
| GENRE: | Domestic Tax |
| CATCH WORDS: | Interest, NPA, Taxability |
| COUNSEL: | Pramod Shingte |
| DATE: | October 31, 2014 (Date of pronouncement) |
| DATE: | November 3, 2014 (Date of publication) |
| AY: | 2009-10 |
| FILE: | Click here to view full post with file download link |
| 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 …
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