Home Case Index All Cases Income Tax Income Tax + HC Income Tax - 2019 (3) TMI HC This
Forgot password New User/ Regiser ⇒ Register to get Live Demo
2019 (3) TMI 740 - MADHYA PRADESH HIGH COURTInterest on non-performing assets - Accrual of income - real income theory - taxable on accrual basis looking to the guidelines of the Reserve Bank of India - appellant is a non-banking institution engaged in providing financial assistance to its customers - HELD THAT:- The appellant-assessee acting under the directives of the Reserve Bank of India with regard to prudential norms set out, taxing interest on NPA, therefore, cannot be justified on the real income theory. Followed decision in the case of Shri Mahila Sewa Sahakari Bank Ltd [2016 (8) TMI 377 - GUJARAT HIGH COURT] The substantial question of law is answered in favour of the appellant-assessee.
|