https://www.taxtmi.com/caselaws?id=378380 The ITAT, Ahmedabad, allowed the appeal filed by the Assessee concerning the taxability of accrued interest on NPAs and the disallowance of Investment Depreciation Reserve for A.Y. 2011-12. The ITAT ruled that income from NPAs cannot be recognized on an accrual basis but only when actually received, hence the interest on NPAs was not taxable. Additionally, following legal precedent, the ITAT allowed the ground of appeal related to the disallowance of Investment Depreciation Reserve, as securities held as investments were considered akin to stock in trade, and depreciation amounted to a loss, not income. en-us Tue, 15 Jan 2019 00:00:00 +0530 Mon, 15 Apr 2019 07:05:06 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=378380 The ITAT, Ahmedabad, allowed the appeal filed by the Assessee concerning the taxability of accrued interest on NPAs and the disallowance of Investment Depreciation Reserve for A.Y. 2011-12. The ITAT ruled that income from NPAs cannot be recognized on an accrual basis but only when actually received, hence the interest on NPAs was not taxable. Additionally, following legal precedent, the ITAT allowed the ground of appeal related to the disallowance of Investment Depreciation Reserve, as securities held as investments were considered akin to stock in trade, and depreciation amounted to a loss, not income. Case-Laws Income Tax Tue, 15 Jan 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=378380