https://www.taxtmi.com/caselaws?id=179870 Nominal membership fees collected by a co-operative bank were treated as revenue receipts and taxed accordingly. For interest on non-performing assets, RBI prudential norms and the real income principle were applied to hold that interest not actually accrued could not be taxed on accrual basis, though interest actually received remained taxable. Unclaimed dividend was treated as an appropriation of profit and its reversal to reserve did not create income, but creditor balances and excess cash written back were sustained as deemed income. Amortisation of premium on held-to-maturity securities and audit fees were allowed as deductions, while the merger-related depreciation or loss claim was remitted for fresh consideration. en-us Tue, 31 Mar 2015 00:00:00 +0530 Fri, 11 Mar 2016 11:28:13 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=179870 Nominal membership fees collected by a co-operative bank were treated as revenue receipts and taxed accordingly. For interest on non-performing assets, RBI prudential norms and the real income principle were applied to hold that interest not actually accrued could not be taxed on accrual basis, though interest actually received remained taxable. Unclaimed dividend was treated as an appropriation of profit and its reversal to reserve did not create income, but creditor balances and excess cash written back were sustained as deemed income. Amortisation of premium on held-to-maturity securities and audit fees were allowed as deductions, while the merger-related depreciation or loss claim was remitted for fresh consideration. Case-Laws Income Tax Tue, 31 Mar 2015 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=179870