https://www.taxtmi.com/caselaws?id=366794 The Tribunal ruled in favor of the assessee, a cooperative bank, regarding interest on Non-Performing Assets (NPAs) for the assessment years 2012-13 and 2013-14. The Tribunal held that interest on NPAs should be recognized on a receipt basis, not on an accrual basis, following RBI guidelines and judicial precedents. Additionally, the Tribunal allowed the deduction for gratuity premium paid to the LIC Gratuity Fund, upholding that payments to LIC under a group gratuity scheme qualify for deduction. The appeals of the revenue were dismissed, and the cross objections of the assessee were dismissed as they were filed beyond the due date. en-us Wed, 05 Sep 2018 00:00:00 +0530 Mon, 10 Sep 2018 14:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=366794 The Tribunal ruled in favor of the assessee, a cooperative bank, regarding interest on Non-Performing Assets (NPAs) for the assessment years 2012-13 and 2013-14. The Tribunal held that interest on NPAs should be recognized on a receipt basis, not on an accrual basis, following RBI guidelines and judicial precedents. Additionally, the Tribunal allowed the deduction for gratuity premium paid to the LIC Gratuity Fund, upholding that payments to LIC under a group gratuity scheme qualify for deduction. The appeals of the revenue were dismissed, and the cross objections of the assessee were dismissed as they were filed beyond the due date. Case-Laws Income Tax Wed, 05 Sep 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=366794