Relief to Toyota Financial: ITAT directs Re-Adjudication on Taxability of Interest Income from NPAs [Read Order]

Taxability of interest income from NPAs reduced from the computation of total income

By Aiswarya Krishnadas - On March 13, 2024 8:05 pm - 2 mins read

ITAT - ITAT Bangalore - Income Tax - Toyota Financial - Interest income - Interest income taxation - taxscan

The Bangalore division of the Income Tax Appellate Tribunal ( ITAT ) provided Toyota Financial with relief by instructing a reevaluation of the tax implications related to the interest income derived from Non-Performing Assets ( NPAs ). During the assessment proceedings, the Assessing Officer (AO) observed that the assessee, Toyota Financial Servcies India Limited had…

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Topics

Commissioner of Income Tax (Appeals)ITAT Bangalore Judicial Member George George K Section 43D of the Income Tax Act