https://www.taxtmi.com/caselaws?id=434295 Interest on advances that was reversed in the books after accounts became non-performing assets under RBI prudential norms was not permitted to be excluded from taxable income under the Income-tax Act, 1961. The Act was treated as a self-contained code, so RBI accounting directions could not by themselves create a tax deduction or override statutory conditions. Because the assessee had not written off the amount as a bad debt under Section 36(1)(vii), and the claim was not supported by Section 43D, the reversed interest remained taxable. The court also noted that any claim had to be made through the proper statutory route, such as a revised return or timely adjustment. en-us Wed, 08 Feb 2023 00:00:00 +0530 Mon, 30 Oct 2023 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=434295 Interest on advances that was reversed in the books after accounts became non-performing assets under RBI prudential norms was not permitted to be excluded from taxable income under the Income-tax Act, 1961. The Act was treated as a self-contained code, so RBI accounting directions could not by themselves create a tax deduction or override statutory conditions. Because the assessee had not written off the amount as a bad debt under Section 36(1)(vii), and the claim was not supported by Section 43D, the reversed interest remained taxable. The court also noted that any claim had to be made through the proper statutory route, such as a revised return or timely adjustment. Case-Laws Income Tax Wed, 08 Feb 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=434295