Home Case Index All Cases Income Tax Income Tax + AT Income Tax - 2017 (3) TMI AT This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2017 (3) TMI 1560 - AT - Income TaxAccrual of income - non disclosure of interest income of non performing assets on accrual basis - Held that:- This issue is no more resintegra. Assessee has relied on the decision of Hon'ble Gujarat High Court in the case of Principal CIT Vs Mahila Seva Sarkari Bank Limited [2016 (8) TMI 377 - GUJARAT HIGH COURT] wherein held that assessee was correct in not charging interest on NPA. The Hon'ble Gujarat High Court agreed with the view taken by the Hon'ble Delhi High Court in the CIT Vs. Vasisth Chay Vyapar Ltd. [2010 (11) TMI 88 - Delhi High Court] wherein it was held that interest income could not be said to have accrued to the assessee having regard to provisions of section 45Q of the RBI and prudential Norms issued by the RBI in exercise of its statutory powers. Respectfully, following the above assessee’s claim of not including the interest on NPA in the profit and loss account is allowed. - Decided in favour of assessee.
|