https://www.taxtmi.com/caselaws?id=431332 The High Court upheld the Tribunal's decision, dismissing the revenue's appeals. It concluded that interest on Non-Performing Assets (NPAs) should be taxed on a receipt basis for non-scheduled banks, aligning with the curative intent of the amendment to Section 43D. The court emphasized equitable treatment for cooperative banks and applied the amendment retrospectively. The substantial questions of law were answered in favor of the assessee, maintaining the Tribunal's interpretation and application of the relevant provisions. en-us Wed, 07 Dec 2022 00:00:00 +0530 Fri, 09 Dec 2022 13:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=431332 The High Court upheld the Tribunal's decision, dismissing the revenue's appeals. It concluded that interest on Non-Performing Assets (NPAs) should be taxed on a receipt basis for non-scheduled banks, aligning with the curative intent of the amendment to Section 43D. The court emphasized equitable treatment for cooperative banks and applied the amendment retrospectively. The substantial questions of law were answered in favor of the assessee, maintaining the Tribunal's interpretation and application of the relevant provisions. Case-Laws Income Tax Wed, 07 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=431332