ICICI BANK LIMITED,MUMBAI vs. THE ASST. CIT CIRCLE 2(3)(2), MUMBAI

ITA 3215/MUM/2019Status: DisposedITAT Mumbai22 August 2022AY 2010-1118 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee's practice of derecognizing interest on NPAs after 90 days, as per RBI guidelines, is acceptable. The AO's disallowance based on a stricter interpretation of Rule 6EA was not upheld.

What were the facts?

The assessee bank derecognized interest on non-performing assets (NPAs) for periods of 90 days or more, following RBI guidelines. The Assessing Officer (AO) disallowed this, stating that Section 43D of the Income Tax Act read with Rule 6EA requires a default period of 6 months or more for such non-recognition.

What were the issues?

Whether interest on NPAs derecognized as per RBI guidelines (90 days) is allowable for tax purposes, or if the stricter period in Rule 6EA (6 months) must be followed.

Which sections of the Income-tax Act were involved?

Section 43D

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(5)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

Income Tax Appellate Tribunal, “C” BENCH, MUMBAI

Before: SHRI AMARJIT SINGH & Ms. KAVITHA RAJAGOPAL

Hearing: 13.06.2022Pronounced: 22.08.2022

Per Amarjit Singh (AM): The present appeals filed by the assessee and the revenue are directed against the order passed by the ld. CIT(A)-6 Mumbai, which in turn arises from the order passed by the A.O. u/s 143(3) r.w.s 147 of the Income Tax Act, 1961, for

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 43D

All 155 judgments and leading authorities on Section 43D →

Recent GST High Court judgments

Search GST case law →