related to the addition of ` 12,52,25,946/-
relating overdue interest on Non performing assets. This issue is involved
for the assessment year ... assessee has debited a sum of `
12,52,25,946/- towards overdue interest to P&L account in the balance
sheet. On scrutiny
DCCB's share of 35% of waiver of penal interest
and interest on overdue deposits. This issue is involved ... interest and penal interest
subject to payment of the principal along with the interest. In the
process the PACS would loose the over due interest
Bank of India; that there was no agreement to pay penal interest on overdue amount and compound interest with quarterly rests in respect ... agreement between the plaintiff and defendant No. 1 to levy penal interest on overdue amount and compound the interest with quarterly rests?
4. Whether
impugned disallowance
on overdue inerest provision simply on the ground that there is no
provisíon for deduction of overdue interest ... interest account. Instead, it
should be credited to interest suspense account. To the extent the
interest is received in cash, the interest suspense account
should
equal half yearly instalments, along with 7% interest
and 2.5 % penal interest per annum for overdue [ payments. However, the appellant
received only ... forming parts of account',
indicating that the amount relates to overdue interest due from February 1991, which
has not been accounted
compound interest' has also been explained in the
Law Lexicon i.e., compound interest is interest upon interest
where accrued interest is added ... interest, the agreement could have provided that compound interest would be charged, or that interest was payable with quarterly rests or that if the interest
lakhs pending recovery from them. The entire amount has become overdue. There is overdue interest of Rs.0.29 lakhs. The petitioner has colluded with ... outstanding of Rs.1.38 lakhs and entire amount become overdue. The overdue interest is Rs.0.16 lakhs. The person authorized to issue
lakhs pending recovery from them. The entire amount has become overdue. There is overdue interest of Rs. 0.29 lakhs. The petitioner has colluded with ... outstanding of Rs. 1.38 lakhs and entire amount become overdue. The overdue interest is Rs. 0.16 lakhs. The person authorized to issue pay certificate
head Interest
Paid. This accounting treatment does not by any logic convert the interest
on N.P.A. in to interest accrued within the meaning ... interest on NPAs. On the debit side, assessee has shown the
impugned interest on NPAs under the heading „Interest paid‟ and sub-headings
„Overdue Interest
head Interest
Paid. This accounting treatment does not by any logic convert the interest
on N.P.A. in to interest accrued within the meaning ... interest on NPAs. On the debit side, assessee has shown the
impugned interest on NPAs under the heading „Interest paid‟ and sub-headings
„Overdue Interest
