https://www.taxtmi.com/caselaws?id=440019 The tribunal found in favor of the assessee, ruling that the taxability of interest income on Non-Performing Assets (NPA) had been settled in previous years in the assessee's favor. The tribunal held that the Assessing Officer had appropriately considered ICDS compliance and interest income on NPAs, concluding that the PCIT's revision proceedings under section 263 were erroneous. The tribunal emphasized that the provisions of the Income Tax Act supersede ICDS, and the assessee was not obligated to recognize accrued interest on NPAs as income on an accrual basis. Consequently, the tribunal allowed the assessee's appeal, overturning the PCIT's revision order. en-us Mon, 15 May 2023 00:00:00 +0530 Thu, 06 Jul 2023 12:48:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440019 The tribunal found in favor of the assessee, ruling that the taxability of interest income on Non-Performing Assets (NPA) had been settled in previous years in the assessee's favor. The tribunal held that the Assessing Officer had appropriately considered ICDS compliance and interest income on NPAs, concluding that the PCIT's revision proceedings under section 263 were erroneous. The tribunal emphasized that the provisions of the Income Tax Act supersede ICDS, and the assessee was not obligated to recognize accrued interest on NPAs as income on an accrual basis. Consequently, the tribunal allowed the assessee's appeal, overturning the PCIT's revision order. Case-Laws Income Tax Mon, 15 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440019