Interest pertaining to non-performing assets - Reversal of ...

Case Laws Income Tax

February 21, 2023

Interest pertaining to non-performing assets - Reversal of income - it is not CBDT which has issued circulars or guidelines under Section 119 of the Act. On the other hand, circular has been issued by the RBI which is binding on all the banking companies in general. However, when it comes to assessment under the Act, the revenue authorities are bound by the provisions of the Act. Therefore, the claim of the assessee that interest paid on NPAs should be excluded from computation of income was rightly negatived - HC

View Source

← Previous Next →

Interest pertaining to non-performing assets - Reversal of ...

Case Laws Income Tax

February 21, 2023

You may also like:

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...

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...

As per CBDT circular and section 45Q of the RBI and prudential Norms issued by the RBI interest income could not be accured on Non Performing Assets (NPA) by Banks as...

De-recognized interest on accrual basis on Non-Performing assets (NPA) - interest income from NPAs should be recognised only on actual receipt. - AT

CBDT notifies new Income Tax Return Forms for AY 2017-18 - Circular

The High Court examined the jurisdiction of the Assessing Officer (AO) and the prescribed income-tax authority to issue notices u/s 143(2) of the Income Tax Act. It held...

Voluntary Reporting of Estimated Current Income and Advance Tax Liability - CBDT issues draft notification

CBDT issues another Clarifications on the Income Declaration Scheme, 2016 (IDS)

Rollback of an Advance Pricing Agreement - Income-tax (Third Amendment) Rules, 2015 - CBDT issues Notification

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...

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...

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

The Master Circular for Alternative Investment Funds (AIFs) issued by SEBI consolidates regulatory requirements for AIFs. It supersedes previous circulars and...

This Master Circular consolidates various circulars and guidelines issued by SEBI to Research Analysts, superseding the previous Master Circular dated June 15, 2023. It...

SEBI issues Master Circular for Registrars to an Issue and Share Transfer Agents (RTAs) to consolidate relevant circulars. The new Master Circular supersedes previous...

Quick Updates: