Taxability of Interest on NPAs and Stick Loans

By | February 27, 2016
(Last Updated On: February 27, 2016)

IN THE HIGH COURT OF JUDICATURE AT BOMBAY

BENCH AT AURANGABAD

INCOME TAX APPEAL NO. 53 OF 2014

THE COMMISSIONER OF INCOME TAX, AURANGABAD

VERSUS

M/S. DEOGIRI NAGARI SAHAKARI BANL LTD,AURANGABAD

Held

Interest on NPAs and Stick Loans, even if accrued as per the mercantile system of accounting by a bank, is not taxable as per prudential norms

Download Complete judgement :DEOGIRI NAGARI SAHAKARI BANL LTD

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