Interest income - When a particular asset is shown to be NPA, ...

Income Tax

April 3, 2018

Interest income - When a particular asset is shown to be NPA, the assumption is that it is not yielding any revenue; and there is no reason that the assessee be subjected to tax on the alleged notional income, even if it has adopted hybrid system of accounting. - HC

View Source

← Previous Next →

Interest income - When a particular asset is shown to be NPA, ...

Income Tax

April 3, 2018

You may also like:

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

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

Yield of paddy - estimation of income - It is clear that the yield shown by the assessee is definitely on the lower side - addition confirmed - HC

Disallowance u/s 14A - Exempted income - proportionate disallowance of interest paid by the banks for investments made in tax free bonds/ securities which yield tax free...

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

Depreciation - when the depreciation is allowed on the block of assets, Revenue cannot segregate a particular asset therefrom on the ground that it was not put to use - AT

Reopening of assessment u/s 147 - assessee had shown fixed assets but he had not offered any income from the said property - The reasons recorded by the Assessing...

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...

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...

Appeal by revenue - low tax effect - even loss claimed by assessee for a particular year assumes considerable significance in variety of situations - Tribunal committed...

Quick Updates: