Bona fide disclosure requirements govern under-reporting penalties, and post-penalty immunity applications cannot secure available statutory protectio...
Certificate-of-origin verification procedure governs preferential customs benefits; denial without retroactive verification was set aside with consequ...
Disciplinary Committee jurisdiction and mandatory investigation requirements invalidated cancellation of an insolvency professional's registration and...
Retention of seized property survives where recorded reasons support proceeds of crime, while stayed investigation periods are excluded from limitatio...
The Income Tax Appellate Tribunal dismissed the appeal filed by the Revenue Department against the order of the Commissioner of Income Tax (Appeals). The Tribunal upheld the disallowance of provision for overdue interest claimed by the assessee, finding no infirmity in the CIT(A)'s order. The issue was identical to a previous case decided by the Nagpur Bench of the Tribunal. The Tribunal relied on Section 43D of the Income Tax Act, which permits income by way of interest in relation to bad and doubtful debts to be chargeable to tax as per RBI guidelines. Although Section 43D was made applicable to cooperative banks from the assessment year 2017-18, the Tribunal held that being a beneficial provision, it may be permitted to apply retrospectively. The Tribunal observed that Section 43D, being a non-obstante provision, overrides Section 145 of the Act.
The Income Tax Appellate Tribunal dismissed the appeal filed by the Revenue Department against the order of the Commissioner of Income Tax (Appeals). The Tribunal upheld the disallowance of provision for overdue interest claimed by the assessee, finding no infirmity in the CIT(A)'s order. The issue was identical to a previous case decided by the Nagpur Bench of the Tribunal. The Tribunal relied on Section 43D of the Income Tax Act, which permits income by way of interest in relation to bad and doubtful debts to be chargeable to tax as per RBI guidelines. Although Section 43D was made applicable to cooperative banks from the assessment year 2017-18, the Tribunal held that being a beneficial provision, it may be permitted to apply retrospectively. The Tribunal observed that Section 43D, being a non-obstante provision, overrides Section 145 of the Act.
Note: It is a system-generated summary and is for quick reference only.
TaxTMI 
of 4807
Join Channel
TaxTMI 
