https://www.taxtmi.com/caselaws?id=118608 Statutory liquidity ratio investments made by a regulated housing finance company were treated as part of the business framework required for its operations, so the resulting income was characterised as business income and qualified for deduction under section 36(1)(viii). Interest on non-performing assets was required to be recognised only on receipt basis because the National Housing Bank prudential norms governing income recognition prevailed over general mercantile accrual principles. The special regulatory regime therefore controlled the timing of taxation for such income, reflecting real income rather than notional accrual. en-us Fri, 25 Nov 2005 00:00:00 +0530 Wed, 04 Jul 2012 14:39:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=118608 Statutory liquidity ratio investments made by a regulated housing finance company were treated as part of the business framework required for its operations, so the resulting income was characterised as business income and qualified for deduction under section 36(1)(viii). Interest on non-performing assets was required to be recognised only on receipt basis because the National Housing Bank prudential norms governing income recognition prevailed over general mercantile accrual principles. The special regulatory regime therefore controlled the timing of taxation for such income, reflecting real income rather than notional accrual. Case-Laws Income Tax Fri, 25 Nov 2005 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=118608