https://www.taxtmi.com/caselaws?id=270783 The Tribunal ruled in favor of the assessee, allowing deductions for excess interest claimed on non-performing assets and the contribution to the recognized provident fund made after the due date. The disallowances by the Assessing Officer and CIT(A) were overturned, with the Tribunal emphasizing that the interest claim should be treated as a bad debt or a loss incidental to the business. The Tribunal also relied on a retrospective amendment upheld by the Supreme Court to allow the provident fund contribution deduction, stating that the amendment was clarificatory and should be applied retrospectively. en-us Wed, 09 Dec 2015 00:00:00 +0530 Fri, 15 Jan 2016 14:38:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=270783 The Tribunal ruled in favor of the assessee, allowing deductions for excess interest claimed on non-performing assets and the contribution to the recognized provident fund made after the due date. The disallowances by the Assessing Officer and CIT(A) were overturned, with the Tribunal emphasizing that the interest claim should be treated as a bad debt or a loss incidental to the business. The Tribunal also relied on a retrospective amendment upheld by the Supreme Court to allow the provident fund contribution deduction, stating that the amendment was clarificatory and should be applied retrospectively. Case-Laws Income Tax Wed, 09 Dec 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=270783