https://www.taxtmi.com/caselaws?id=306766 The ITAT allowed the assessee's appeal, recognizing interest on NPAs for a 90-day period in alignment with RBI guidelines. It upheld the CIT(A)'s decision to allow interest expenses on perpetual bonds as borrowings under Section 36(1)(iii). The ITAT also dismissed the revenue's appeal regarding the direction to dispose of the rectification application under Section 154. As a result, the assessee's appeal was allowed, and the revenue's appeal was dismissed. en-us Mon, 22 Aug 2022 00:00:00 +0530 Thu, 23 Feb 2023 02:54:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306766 The ITAT allowed the assessee's appeal, recognizing interest on NPAs for a 90-day period in alignment with RBI guidelines. It upheld the CIT(A)'s decision to allow interest expenses on perpetual bonds as borrowings under Section 36(1)(iii). The ITAT also dismissed the revenue's appeal regarding the direction to dispose of the rectification application under Section 154. As a result, the assessee's appeal was allowed, and the revenue's appeal was dismissed. Case-Laws Income Tax Mon, 22 Aug 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306766