https://www.taxtmi.com/caselaws?id=265323 The Tribunal upheld the CIT(A)'s decisions in the case, dismissing the Revenue's appeals on various grounds. It was determined that interest income on NPAs cannot be taxed on an accrual basis, expenses related to earlier years were allowed as they accrued in the relevant year, non-business expenditure was permitted due to commercial expediency, amortization of premium on government securities was deductible, and interest on investments was not taxable until due and payable. The judgments highlighted adherence to judicial precedents, consistent accounting practices, and principles of liability accrual and commercial expediency. en-us Fri, 04 Sep 2015 00:00:00 +0530 Sat, 10 Oct 2015 06:38:58 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=265323 The Tribunal upheld the CIT(A)'s decisions in the case, dismissing the Revenue's appeals on various grounds. It was determined that interest income on NPAs cannot be taxed on an accrual basis, expenses related to earlier years were allowed as they accrued in the relevant year, non-business expenditure was permitted due to commercial expediency, amortization of premium on government securities was deductible, and interest on investments was not taxable until due and payable. The judgments highlighted adherence to judicial precedents, consistent accounting practices, and principles of liability accrual and commercial expediency. Case-Laws Income Tax Fri, 04 Sep 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=265323