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Interest on sticky loans/ NPAs taxable on receipt basis
Case Law Details
- Case Name
- PCIT Vs The Kangra Central Co-op Bank Ltd. (Himachal Pradesh High Court)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Courts
- All High Courts, Himachal Pradesh HC
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PCIT Vs The Kangra Central Co-op Bank Ltd. (Himachal Pradesh High Court)
Himachal Pradesh High Court held that Co-operative Bank is liable to tax the interest on the sticky loans/NPAs on receipt basis
Facts-
The assessee is a non-scheduled bank. The assessing officer noted that the assessee had not credited/recognized interest on NPAs, although, it was following mercantile system of accounting.
Notice was issued to the assessee with regard to the assessment years 2012-13 and 2013-14. The assessee was asked to explain as to why the interest on loans had not been added to its income.
AO held tha...
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