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2005 (11) TMI 371 - AT - Income TaxExtract: .......he guidelines and Circular issued by NHB. Since the assessee is directed to account for such income following the prudential norms, the income cannot be taxed merely on the basis of accrual method. Thus, the income on such NPA assets has to be excluded while computing the income under the Income-tax Act. In the result, both the appeals are allowed.
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