IN THE HIGH COURT OF JUDICATURE AT BOMBAY
BENCH AT AURANGABAD
INCOME TAX APPEAL NO. 53 OF 2014
THE COMMISSIONER OF INCOME TAX, AURANGABAD
VERSUS
M/S. DEOGIRI NAGARI SAHAKARI BANL LTD,AURANGABAD
Held
Interest on NPAs and Stick Loans, even if accrued as per the mercantile system of accounting by a bank, is not taxable as per prudential norms
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