https://www.taxtmi.com/caselaws?id=357824 The Karnataka High Court ruled in favor of the assessee on all substantial questions of law related to income tax assessments for the years 2008-09 and 2009-10. The Court held that accrued interest on loans treated as Non Performing Assets need not be taxed if they do not yield income. Additionally, it confirmed that cooperative societies engaged in banking are not required to deduct tax under Section 194A(3)(v). Furthermore, the Court determined that depreciation cannot be claimed on investments in government securities held to maturity as they are considered stock-in-trade, not investments. The Revenue's appeals were dismissed in all three instances. en-us Mon, 29 Jan 2018 00:00:00 +0530 Thu, 29 Mar 2018 17:21:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=357824 The Karnataka High Court ruled in favor of the assessee on all substantial questions of law related to income tax assessments for the years 2008-09 and 2009-10. The Court held that accrued interest on loans treated as Non Performing Assets need not be taxed if they do not yield income. Additionally, it confirmed that cooperative societies engaged in banking are not required to deduct tax under Section 194A(3)(v). Furthermore, the Court determined that depreciation cannot be claimed on investments in government securities held to maturity as they are considered stock-in-trade, not investments. The Revenue's appeals were dismissed in all three instances. Case-Laws Income Tax Mon, 29 Jan 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=357824