{"id":3340,"date":"2018-12-20T05:35:58","date_gmt":"2018-12-20T05:35:58","guid":{"rendered":"http:\/\/itatonline.org\/digest\/acit-v-the-guntur-co-operative-central-bank-2018-193-ttj-870-166-dtr-280-visakha-trib\/"},"modified":"2018-12-20T05:35:58","modified_gmt":"2018-12-20T05:35:58","slug":"acit-v-the-guntur-co-operative-central-bank-2018-193-ttj-870-166-dtr-280-visakha-trib","status":"publish","type":"post","link":"https:\/\/itatonline.org\/digest\/acit-v-the-guntur-co-operative-central-bank-2018-193-ttj-870-166-dtr-280-visakha-trib\/","title":{"rendered":"ACIT v. The Guntur Co-operative Central Bank (2018) 193 TTJ 870 \/ 166 DTR 280 (Visakha.) (Trib.)"},"content":{"rendered":"<p>On revenue\u2019s appeal, the Tribunal, relying on RBI guidelines and various rulings, held that interest on NPAs is to be recognised on actual receipt basis but not on accrual basis. Hence, overdue interest in respect of interest accrued on NPAs, which had not been received, could not be recognised as income. \u00a0(AY.2008 -09)<\/p>\n","protected":false},"excerpt":{"rendered":"<p>S. 143(3) : Assessment- Overdue interest-Provisions for bad and doubtful debts \u2013 Schedule bank \u2013 Interest income on NPAs is taxable on receipt basis and not on accrual basis. [S.4,28(i), 36, 37 (1)]<\/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":[1],"tags":[],"class_list":["post-3340","post","type-post","status-publish","format-standard","hentry","category-digest"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-RS","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3340","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=3340"}],"version-history":[{"count":0,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/3340\/revisions"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=3340"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=3340"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=3340"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}