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        Case ID :
        Income Tax

        Income accrued or received by assessee - overdue interest income...

        Overdue Interest from FY 1996-97 Not Recognized as Income Due to Uncertainty in Collection; Not Claimed as Bad Debt.

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                Income accrued or received by assessee - overdue interest income - Under mercantile system, interest income accrues with the time. In such cases, interest charged and debited to account as income as recognized under the accrual system but in cash system it is not so. In the present case, it is an overdue interest and it is not collectable from the Financial Year 1996-97 and as a prudent businessman, following AS 9 issued by ICAI the assessee has not recognized the said income. In the present case, there is no question of claiming as a Bad Debt because it is not accountable as there was uncertainty of collection. - AT
                                Note: It is a system-generated summary and is for quick reference only.
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