Governmental authority status supports construction-service exemption, while pre-cutoff contract and stamp-duty compliance requires verification on re...
Automated Free Sale and Commerce Certificates enable paperless processing while retaining risk-based manual verification for selected exporter applica...
Employee stock-shortage penalties do not constitute consideration for services, preventing GST collection under Schedule II in employment relationship...
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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