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Income Tax - Highlights / Catch Notes

Home Highlights November 2017 Year 2017 This

Addition on interest accrued on sticky loans and advances - ...

Income Tax

November 18, 2017

Addition on interest accrued on sticky loans and advances - Under the mercantile system of accounting an income accrues when there is reasonable certainty for realising any receipts or revenue. Hypothetical income cannot be taken into account. - AT

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  1. 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

  2. Interest on loan sanctioned from state government - mercantile system - the liability for payment of interest for all the previous AYs cannot be claimed or allowed in...

  3. Allowability of deduction u/s 36 (1) (iii) - Interest liability on loans received from the State Government - assessee is maintaining the books of accounts on...

  4. Taxability of interest on sticky loans - Interest on such loans would have to be accounted for and paid as and when it is realised - HC

  5. Accrual of interest income - nonoperational sticky loans in respect of which mercantile actual of interest was shown in the suspense account and not the profit and loss...

  6. Accrual of income - Addition being notional interest income - Where the principle amount of loan/advance is doubtful of recovery interest thereon cannot be accrued and...

  7. Interest accrued on non performing assets - Applicability of sec 43D - It serves no purpose that the assessee, which is a non-scheduled bank, should include the...

  8. Mercantile system, Advance receipt of Fees, Service to be rendered in next year, Tax cannot be levied in the year of receipt, get support from AS 9 of ICAI, HC

  9. Addition u/s 41(1) - amount waived by TamilNad Mercantile Bank Limited representing Term Loan - waiver of loan does not amount to cessation of trading liability - No additions.

  10. Disallowance of interest being prior period - Since assessee follows mercantile system of accounting and accounts are audited, claim disallowed - AT

 

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