https://www.taxtmi.com/caselaws?id=66704 The Tribunal partially allowed the appeal, permitting the deduction of broken period interest on securities held as stock-in-trade but rejecting the claim for deduction of reversed interest income on NPAs. The Tribunal emphasized that deductions must be explicitly provided for within the Income-tax Act, and while non-recognition of income following RBI norms is permissible, the reversal of previously recognized income is not allowed unless treated as a bad debt under section 36(1)(vii) of the Act. en-us Fri, 18 Mar 2005 00:00:00 +0530 Sat, 05 Mar 2011 17:47:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=66704 The Tribunal partially allowed the appeal, permitting the deduction of broken period interest on securities held as stock-in-trade but rejecting the claim for deduction of reversed interest income on NPAs. The Tribunal emphasized that deductions must be explicitly provided for within the Income-tax Act, and while non-recognition of income following RBI norms is permissible, the reversal of previously recognized income is not allowed unless treated as a bad debt under section 36(1)(vii) of the Act. Case-Laws Income Tax Fri, 18 Mar 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=66704