Assessability of interest on sticky loans affirmed; banks must recognise credited interest as taxable and expedite pending litigation. Interest credited to interest suspense accounts by banks and financial institutions is assessable for income-tax purposes; tax commissioners are directed to identify pending cases on this issue in their jurisdictions and move the concerned Courts/Tribunals for their expeditious disposal in light of the controlling judicial precedent upholding assessability.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Assessability of interest on sticky loans affirmed; banks must recognise credited interest as taxable and expedite pending litigation.
Interest credited to interest suspense accounts by banks and financial institutions is assessable for income-tax purposes; tax commissioners are directed to identify pending cases on this issue in their jurisdictions and move the concerned Courts/Tribunals for their expeditious disposal in light of the controlling judicial precedent upholding assessability.
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