https://www.taxtmi.com/caselaws?id=459026 ITAT Mumbai allowed the assessee's appeal on multiple grounds. The tribunal deleted addition of unrealized interest on non-performing accounts, following RBI guidelines and section 43D read with rule 6EA. Recovery of bad debts written off was remanded to AO for verification of whether deduction was claimed under section 36(1)(vii). Disallowance under section 14A was restored to AO for fresh computation following SC precedent in Maxopp Investment. Interest disallowance on IPDI bonds was deleted. Addition of broken period interest expenses was deleted. The tribunal favored the assessee on accrual versus due method for securities interest, holding taxation occurs only when interest becomes due. en-us Thu, 29 Sep 2022 00:00:00 +0530 Tue, 26 Nov 2024 19:13:54 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=459026 ITAT Mumbai allowed the assessee's appeal on multiple grounds. The tribunal deleted addition of unrealized interest on non-performing accounts, following RBI guidelines and section 43D read with rule 6EA. Recovery of bad debts written off was remanded to AO for verification of whether deduction was claimed under section 36(1)(vii). Disallowance under section 14A was restored to AO for fresh computation following SC precedent in Maxopp Investment. Interest disallowance on IPDI bonds was deleted. Addition of broken period interest expenses was deleted. The tribunal favored the assessee on accrual versus due method for securities interest, holding taxation occurs only when interest becomes due. Case-Laws Income Tax Thu, 29 Sep 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=459026