Relief to Bajaj Finance: Interest Income on NPAs Cannot be Taxed on Accrual Basis, rules ITAT [Read Order]

Bajaj Finance - Interest Income on NPAs - Interest Income - NPAs - Taxed - ITAT - Income - Taxscan

The Pune Bench of Income Tax Appellate Tribunal (ITAT) has granted relief to Bajaj Finance holding that the interest income on non-performing assets (NPA) could not be taxed on accrual basis. The issue in the appeal filed by assessee, Bajaj Finance Limited was that the Principal Commissioner of Income Tax (PCIT) had erred in holding…

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