![Loans Qualify as NPAs After 180 Days of Default Under Income Tax Rules, Not 90 Days per NHB Guidelines: Supreme Court Rejects HUDCO’s RP [Read Judgement]](https://images.taxscan.in/h-upload/2025/08/04/500x300_2072916-declaration-of-loan-account-declaration-of-loan-account-as-npa-npa-nclat-nclat-rules-nclat-rules-in-favour-of-ubi-loan-account-non-performing-assets-insolvency-bankruptcy-code-ibc-taxscan.webp "Loans Qualify as NPAs After 180 Days of Default Under Income Tax Rules, Not 90 Days per NHB Guidelines: Supreme Court Rejects HUDCO’s RP [Read Judgement]")
Loans Qualify as NPAs After 180 Days of Default Under Income Tax Rules, Not 90 Days per NHB Guidelines: Supreme Court Rejects HUDCO’s RP [Read Judgement]
The Supreme Court of India ruled that loans can be treated as Non-Performing Assets (NPAs) for tax deduction purposes only if interest remains...
![Relief to SBI, Absence of Creditors Name in Balance Sheet Does Not Vitiate Acknowledgment of Debt: NCLT [Read Order]](https://www.taxscan.in/wp-content/uploads/2025/04/Relief-to-SBI-Absence-of-Creditors-Balance-Sheet-Balance-Sheet-Does-Not-Vitiate-Acknowledgment-taxscan.jpg "Relief to SBI, Absence of Creditors Name in Balance Sheet Does Not Vitiate Acknowledgment of Debt: NCLT [Read Order]")
CA Debarred by NFRA for Audit Evidence Failure, Lists Mandatory Audit Procedures for Verification of Revenue
The National Financial Reporting Authority ( NFRA ) has taken decisive action against a Chartered Accountant ( CA ), debarring them for 2 years and imposing a penalty of Rs. 3,00,000 for audit...
ITAT deletes Disallowance made u/s 36(1)(vii) of Income Tax Act in respect of Bad Debts written off by Non-Rural branches of Canara Bank [Read Order]
The Income Tax Appellate Tribunal (ITAT), Bangalore Bench, has annulled the disallowance under Section 36(1)(vii) of the Income Tax Act, 1961, pertaining to bad debts written off by non-rural...
![ITAT deletes Disallowance made u/s 36(1)(vii) of Income Tax Act in respect of Bad Debts written off by Non-Rural branches of Canara Bank [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/11/bad-debts-written-off-by-Non-Rural-branches-of-Canara-Bank-Non-Rural-branches-bad-debts-TAXSCAN.jpg "ITAT deletes Disallowance made u/s 36(1)(vii) of Income Tax Act in respect of Bad Debts written off by Non-Rural branches of Canara Bank [Read Order]")
No Disallowance on account of Bad and Doubtful Debts claimed u/s 36(1)(viia) of Income Tax Act with respect to Non-Performing Assets: ITAT [Read Order]
The Income Tax Appellate Tribunal (ITAT) Delhi Bench held that no disallowance could be made on account of bad and doubtful debts claimed under Section 36(1)(viia) of Income Tax Act, 1961 with...
![No Disallowance on account of Bad and Doubtful Debts claimed u/s 36(1)(viia) of Income Tax Act with respect to Non-Performing Assets: ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/08/No-Disallowance-on-account-Disallowance-account-account-of-Bad-and-Doubtful-Debts-Doubtful-Debts-Bad-debt-Income-Tax-Act-Non-Performing-Assets-Assets-ITAT-Taxscan.jpg "No Disallowance on account of Bad and Doubtful Debts claimed u/s 36(1)(viia) of Income Tax Act with respect to Non-Performing Assets: ITAT [Read Order]")
CA Engaging in any Other Profession Without Seeking Permission of Council is Guilty of Professional Misconduct: ICAI [Read Order]
The Institute of Chartered Accountants of India (ICAI) ruled that a Chartered Accountant engaging in any other profession without seeking permission of Council is guilty of professional misconduct. ...
Relief to Bajaj Finance: Interest Income on NPAs Cannot be Taxed on Accrual Basis, rules ITAT [Read Order]
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...
![Relief to Bajaj Finance: Interest Income on NPAs Cannot be Taxed on Accrual Basis, rules ITAT [Read Order]](https://www.taxscan.in/wp-content/uploads/2023/05/Bajaj-Finance-Interest-Income-on-NPAs-Interest-Income-NPAs-Taxed-ITAT-Income-Taxscan.jpg "Relief to Bajaj Finance: Interest Income on NPAs Cannot be Taxed on Accrual Basis, rules ITAT [Read Order]")
![Bank liable to pay Income Tax on Interest on Sticky Loans/NPAs on Receipt Basis: Himachal Pradesh HC [Read Order]](https://www.taxscan.in/wp-content/uploads/2022/12/Bank-Income-Tax-Tax-Interest-Sticky-Loans-Interest-on-Sticky-Loans-Interest-on-NPAs-Himachal-Pradesh-High-Court-taxscan.jpg "Bank liable to pay Income Tax on Interest on Sticky Loans/NPAs on Receipt Basis: Himachal Pradesh HC [Read Order]")
Karnataka High Court deletes Interest accrued on Non-Performing Assets from Computation of Taxable Income [Read Judgment]
The Karnataka High Court while quashing the appeal of the revenue deleted interest accrued on non-performing assets from the computation of taxable income. The assessee, M/s. Davangere District...
![Karnataka High Court deletes Interest accrued on Non-Performing Assets from Computation of Taxable Income [Read Judgment]](https://www.taxscan.in/wp-content/uploads/2020/11/Karnataka-High-Court-Interest-on-Non-Performing-Assets-Taxable-Income-Taxscan.jpg "Karnataka High Court deletes Interest accrued on Non-Performing Assets from Computation of Taxable Income [Read Judgment]")