{"id":15571,"date":"2021-03-11T14:50:37","date_gmt":"2021-03-11T09:20:37","guid":{"rendered":"https:\/\/itatonline.org\/digest\/cit-v-tiruchirapalli-district-central-co-operative-bank-ltd-2020-429-itr-127-275-taxman-628-mad-hc\/"},"modified":"2021-03-11T14:50:37","modified_gmt":"2021-03-11T09:20:37","slug":"cit-v-tiruchirapalli-district-central-co-operative-bank-ltd-2020-429-itr-127-275-taxman-628-mad-hc","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/cit-v-tiruchirapalli-district-central-co-operative-bank-ltd-2020-429-itr-127-275-taxman-628-mad-hc\/","title":{"rendered":"CIT v. Tiruchirapalli District Central Co-Operative Bank Ltd. (2020) 429 ITR 127\/ 275 Taxman 628 (Mad.)(HC)"},"content":{"rendered":"<p>Dismissing the appeal of the revenue the Court held that a\u00a0 co-operative bank is bound by the Reserve Bank of India guidelines. The Assessing Officer is bound to follow the Reserve Bank of India directions so far as income recognition is concerned. The interest on principal loan amount which has been classified as non performing asset cannot be held to have accrued so as to tax it under the Income-tax Act, 1961. (AY.2007-08)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 4 : Charge of income-tax-Accrual   of income-Overdue interest on loans classified as non-performing asset-Not assessable. [S. 145] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-15571","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-439","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15571","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=15571"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15571\/revisions"}],"predecessor-version":[{"id":15572,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/15571\/revisions\/15572"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=15571"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=15571"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=15571"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}