https://www.taxtmi.com/caselaws?id=180560 The Tribunal held that a Co-operative Bank can recognize interest income from bad and doubtful debts on an actual receipt basis as per RBI guidelines, despite following the mercantile system of accounting. The Tribunal relied on previous decisions and the overriding nature of Section 43D to support the assessee's position. Consequently, the Tribunal dismissed the Revenue's appeals for both assessment years, affirming that the method of recognizing interest income on an actual receipt basis was correct and in accordance with RBI guidelines and judicial precedents. en-us Fri, 28 Sep 2012 00:00:00 +0530 Mon, 29 Jan 2018 09:27:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=180560 The Tribunal held that a Co-operative Bank can recognize interest income from bad and doubtful debts on an actual receipt basis as per RBI guidelines, despite following the mercantile system of accounting. The Tribunal relied on previous decisions and the overriding nature of Section 43D to support the assessee's position. Consequently, the Tribunal dismissed the Revenue's appeals for both assessment years, affirming that the method of recognizing interest income on an actual receipt basis was correct and in accordance with RBI guidelines and judicial precedents. Case-Laws Income Tax Fri, 28 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=180560