https://www.taxtmi.com/caselaws?id=763397 ITAT Nagpur dismissed revenue's appeal regarding disallowance of provision for overdue interest claimed by a cooperative bank. The tribunal upheld CIT(A)'s order allowing the provision, following established precedent from a similar case. The tribunal noted that section 43D permits income by way of interest on bad and doubtful debts to be charged as per RBI guidelines, applicable to cooperative banks from AY 2017-18, with retrospective application as a beneficial provision. The tribunal rejected revenue's submission about challenging the order before HC, stating no contrary jurisprudence exists. en-us Thu, 12 Dec 2024 00:00:00 +0530 Wed, 18 Dec 2024 12:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763397 ITAT Nagpur dismissed revenue's appeal regarding disallowance of provision for overdue interest claimed by a cooperative bank. The tribunal upheld CIT(A)'s order allowing the provision, following established precedent from a similar case. The tribunal noted that section 43D permits income by way of interest on bad and doubtful debts to be charged as per RBI guidelines, applicable to cooperative banks from AY 2017-18, with retrospective application as a beneficial provision. The tribunal rejected revenue's submission about challenging the order before HC, stating no contrary jurisprudence exists. Case-Laws Income Tax Thu, 12 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763397