https://www.taxtmi.com/caselaws?id=306791 The Tribunal allowed the assessee's appeal regarding the addition of interest income on NPAs, citing that RBI guidelines should prevail over Income Tax Rules. The Tribunal upheld the CIT(A)'s decisions on the disallowance of bad debts related to the credit card business, emphasizing that credit card business falls within legitimate banking activities. Additionally, the Tribunal upheld the deduction of interest paid on perpetual bonds, considering them as debt instruments. The revenue's appeal was dismissed, and the order was pronounced on 14.12.2022. en-us Wed, 14 Dec 2022 00:00:00 +0530 Fri, 24 Feb 2023 09:04:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306791 The Tribunal allowed the assessee's appeal regarding the addition of interest income on NPAs, citing that RBI guidelines should prevail over Income Tax Rules. The Tribunal upheld the CIT(A)'s decisions on the disallowance of bad debts related to the credit card business, emphasizing that credit card business falls within legitimate banking activities. Additionally, the Tribunal upheld the deduction of interest paid on perpetual bonds, considering them as debt instruments. The revenue's appeal was dismissed, and the order was pronounced on 14.12.2022. Case-Laws Income Tax Wed, 14 Dec 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306791