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Interest on NPA is taxable in year of receipt

November 5, 2018[2018] 99 taxmann.com 81 (Punjab & Haryana)
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IT : Since provisions of section 45Q of 1934 Act have given an overriding effect to RBI directions, 1998, in case of cooperative bank also AO is bound to follow RBI Directions so far as income recognition is concerned and interest on principal loan amount which has been classified as NPA cannot be held to have 'accrued' so as to tax them under Act but has to be taxed on actual receipt basis

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