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2018 (4) TMI 1360 - AT - Income TaxAddition on account of interest on nonperforming assets u/s. 43D - Held that:- This issue is now squarely covered in favour of the assessee and against the revenue by the decision in the case of Shri Mahila Sewa Sahakari Mandli Ltd. [2016 (8) TMI 377 - GUJARAT HIGH COURT] notwithstanding the provisions of section 43D of the Act, since the provisions of section 45Q of the RBI Act have an overriding effect vis-a-vis income recognition principles in the Companies Act, the Assessing Officer is bound to follow the RBI Directions so far as income recognition is concerned. The contention that the assessee cannot indirectly claim the benefit which would amount to a benefit similar to that under section 43D of the Act, therefore, does not merit acceptance.
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