https://www.taxtmi.com/caselaws?id=14114 The High Court CALCUTTA held that interest on debts doubtful of recovery credited to the suspense account of a banking company is not taxable. The Court relied on a Supreme Court decision and a circular from 1952, stating that such interest cannot be taxed under the Income-tax Act, 1961. The Court emphasized that if any part of the interest is recovered later, it can be taxed in the year of receipt. The Tribunal's decision was deemed erroneous, and both issues were decided in favor of the assessee against the Revenue. en-us Fri, 20 Apr 2001 00:00:00 +0530 Mon, 13 Jul 2009 17:12:31 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=14114 The High Court CALCUTTA held that interest on debts doubtful of recovery credited to the suspense account of a banking company is not taxable. The Court relied on a Supreme Court decision and a circular from 1952, stating that such interest cannot be taxed under the Income-tax Act, 1961. The Court emphasized that if any part of the interest is recovered later, it can be taxed in the year of receipt. The Tribunal's decision was deemed erroneous, and both issues were decided in favor of the assessee against the Revenue. Case-Laws Income Tax Fri, 20 Apr 2001 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=14114