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of <h1>Appeal Dismissed: Revenue's Challenge to Tribunal Order Rejected for Assessment Year 2009-10</h1> The High Court of Delhi dismissed the Revenue's appeal against the Income Tax Appellate Tribunal's order for the Assessment Year 2009-10, as the issue was ... Treatment of interest on Non Performing Assets (NPAs) - Revenue contends that given the obligation of the assessee to maintain books in accordance with Section 209 of the Companies Act, 1956 on accrual basis, it had to reflect the interest accrued upon unpaid loans (NPAs) - Held that:- Interest on sticky loans and advances could not be charged to tax - The issue stands covered in favour of the Assessee and against the Revenue. SEE GE MONEY FINANCIAL SERVICES PVT. LTD., VERSUS DCIT, CIRCLE-12 (1) , NEW DELHI. [2016 (7) TMI 1396 - DELHI HIGH COURT] and PR. COMMISSIONER OF INCOME TAX-4 VERSUS GE MONEY FINANCIAL SERVICES PVT. LTD. [2017 (2) TMI 1361 - DELHI HIGH COURT] The High Court of Delhi dismissed the appeal raised by the Revenue against the order dated 8th July, 2016, passed by the Income Tax Appellate Tribunal for the Assessment Year 2009-10. The issue raised stood covered in favor of the Assessee by a previous order passed by the Court.
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