https://www.taxtmi.com/caselaws?id=377091 The Income Tax Appeals were dismissed, affirming the Tribunal's decisions on all three issues. The Tribunal ruled in favor of the assessee regarding exemption under Sections 10(23G) and 10(33) of the Income Tax Act, emphasizing the net interest receipt and aligning with precedent. Additionally, the Tribunal held that interest and penal interest on NPAs should be taxed based on accrual rather than actual receipts, rejecting the Revenue's argument. The decision highlighted that the income was embedded in the profit/loss during the exempt period, ultimately upholding the Tribunal's stance. en-us Mon, 11 Mar 2019 00:00:00 +0530 Fri, 22 Mar 2019 12:11:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=377091 The Income Tax Appeals were dismissed, affirming the Tribunal's decisions on all three issues. The Tribunal ruled in favor of the assessee regarding exemption under Sections 10(23G) and 10(33) of the Income Tax Act, emphasizing the net interest receipt and aligning with precedent. Additionally, the Tribunal held that interest and penal interest on NPAs should be taxed based on accrual rather than actual receipts, rejecting the Revenue's argument. The decision highlighted that the income was embedded in the profit/loss during the exempt period, ultimately upholding the Tribunal's stance. Case-Laws Income Tax Mon, 11 Mar 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=377091