Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2002 (12) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2002 (12) TMI 56 - HC - Income TaxPenal interest paid to the Reserve Bank of India - interest on 'sticky loans' - the assessee has paid the penalty which it could have avoided by putting forth a plausible explanation before the concerned authority but the assessee obviously has suffered the penalty for want of a plausible explanation. - Tribunal is not correct in holding that penal interest paid to the Reserve Bank of India is not disallowable - Further, Tribunal is right in law in holding that the interest on 'sticky loans' should be assessed on cash basis and not on accrual basis
|