Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
Income recognition - Interest on NPA - Citing a judgment of the Delhi High Court, affirmed by the Supreme Court, the High Court concluded that if interest on NPAs is not received due to circumstances beyond the control of the assessee, it cannot be deemed to have accrued. The Court highlighted that under the RBI Act and Prudential Norms, interest income cannot be considered as accrued when NPAs are involved. Therefore, the Court ruled in favor of the appellant.
Income recognition - Interest on NPA - Citing a judgment of the Delhi High Court, affirmed by the Supreme Court, the High Court concluded that if interest on NPAs is not received due to circumstances beyond the control of the assessee, it cannot be deemed to have accrued. The Court highlighted that under the RBI Act and Prudential Norms, interest income cannot be considered as accrued when NPAs are involved. Therefore, the Court ruled in favor of the appellant.
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