https://www.taxtmi.com/caselaws?id=440097 The tribunal found in favor of the assessee, holding that interest on Non-Performing Assets (NPAs) is not taxable on an accrual basis. It was determined that the Assessing Officer's assessment was not erroneous or prejudicial to the revenue's interest. The tribunal emphasized that the issue of taxability of interest income on NPAs had already been settled in favor of the assessee by the jurisdictional high court. The tribunal also noted that the provisions of the Income Tax Act prevail over ICDS in case of conflict. As a result, the PCIT's revision directions were deemed erroneous, and the assessee's appeal was allowed. en-us Tue, 23 May 2023 00:00:00 +0530 Sat, 08 Jul 2023 10:01:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=440097 The tribunal found in favor of the assessee, holding that interest on Non-Performing Assets (NPAs) is not taxable on an accrual basis. It was determined that the Assessing Officer's assessment was not erroneous or prejudicial to the revenue's interest. The tribunal emphasized that the issue of taxability of interest income on NPAs had already been settled in favor of the assessee by the jurisdictional high court. The tribunal also noted that the provisions of the Income Tax Act prevail over ICDS in case of conflict. As a result, the PCIT's revision directions were deemed erroneous, and the assessee's appeal was allowed. Case-Laws Income Tax Tue, 23 May 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=440097