Home Highlights January 2013 Year 2013 This

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1. Interest on NPA - interest on non performing assets is not taxable on accrual basis looking to the guidelines of the Reserve Bank of India - HC

2. Interest accrued on NPA - whether non-performing assets in the hands of the assessee- Cooperative Banks is taxable on accrual basis or not? - interest on NPA's is...

3. Income recognition - interest income on 'non-performing assets' - AS 9 - For AY 2004-05 it is to be seen is whether the assessee has got non-performing asset in terms of...

4. The assessee (Co-operative Bank) was justified in not recognizing interest income from non-performing assets in consonance with the notification issued by the RBI and...

5. Interest on sticky advances – accrual of income - provision of interest on doubtful debts - the interest income relatable to NPA advances did not accrue to the assessee - AT

6. Accrual of income - addition on account of accrued interest on NPA account as income - the assessee had adequately established that the interest received during the year...

7. The account of the borrower was classified as a Non-Performing Asset (NPA) on the relevant date. The transfer of the financial asset by the State Bank of India (SBI) to...

8. Accrual of interest - receivable or not actually received - unless and until an assessee shows that a loan or advance had become a non-performing asset, there can be no...

9. Case basis of accounting - Accrual of interest income - the stand of the assessee of offering interest income from Kisan Vikas Patra on cash basis cannot be held as incorrect - AT

10. Taxability of interest on non-performing assets (NPA) u/s 43D - Interest received during the year - when it accrued, was exempt but interest income was embedded in the...

11. Deduction under Sec. 80P - Claim of NPA - Recovery from accounts classified as “Non-Performing Assets” (NPA) - claim of deduction was declined by them for the reason...

12. Accrual of income on Kisan Vikas Patra - Promissory note OR not - the interest on Kisaan Vikas Patras has to be assessed to income tax on accrual basis - HC

13. The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

14. Accrual of income - method of accounting to recognize the revenue - Addition made for excess interest spread ('EIS') income earned on assignment of receivables - AO has...

15. Accrued interest on non-performing assets(NPA) - merely because for accounting purpose, the assessee was to follow RBI guidelines it would not mean that the assessee was...