Interest on NPA is taxable in year of receipt

IT : An addition on account of interest due on Non-Performing Assets (NPA) was made in hands of assessee, a co-operative bank. Commissioner (Appeals) deleted the addition made by the Assessing Officer holding that interest on NPA's is taxable in year of receipt. The revenue, submitted that section 43D itself recognises taxability of such interest and that when a specific provision in the nature of section 43D has been made, and entities like the assessee are excluded from the purview thereof,

from www.taxmann.com Latest Case Laws https://ift.tt/2JHxWht