TMI Blog2018 (1) TMI 1346X X X X Extracts X X X X X X X X Extracts X X X X ..... ssioner of Income Tax and another V/s Canfin Homes Ltd. [2011 (8) TMI 178 - KARNATAKA HIGH COURT] as held Non-performing asset is an asset in respect of which interest has remained unpaid and has become past due. Once a particular asset is shown to be a non-performing asset, then the assumption is it is not yielding any revenue. When it is not yielding any revenue, the question of showing that ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... st the Revenue.- Decided in favour of the assessee - I.T.A.NO. 100041/2017 - - - Dated:- 30-1-2018 - Mrs. S. Sujatha And Mr. John Michael Cunha JJ. For the Appellants : Sri Y V Raviraj, Advocate For the Respondent : None JUDGMENT This appeal is filed by the Revenue under Section 260-A of the Income Tax Act, 1961 ('the Act' for short), challenging the order dated 16.06 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... in this appeal is no more res-integra in view of the judgment of this Court in Commissioner of Income Tax and another V/s Canfin Homes Ltd. (2012) 347 ITR 382 (Karn) , wherein it is held as follows: Therefore, it is clear, if an assessee adopts the mercantile system of accounting and in his accounts he shown a particular income as accruing, whether that amount is rally accrued or not is li ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... When it is not yielding any revenue, the question of showing that revenue and paying tax would not arise. As is clear from the policy guidelines issued by the National housing Bank, the income from non-performing asset should be recognised only when it is actually received. That is what the Tribunal held in the instant case. Therefore, the contention of the Revenue that in respect of non-perfo ..... X X X X Extracts X X X X X X X X Extracts X X X X
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