https://www.taxtmi.com/caselaws?id=203099 The court upheld the Tribunal's decision regarding the taxation of interest accrued on non-performing assets by a non-banking finance company. It was determined that the company followed a mixed system of accounting where interest on non-performing assets was not recognized until actually received. Since the company had not recognized any income from non-performing assets as per RBI notifications, the court held that the principle of accrual of income did not apply. The court dismissed the tax case appeals and connected miscellaneous petitions, affirming the decision in favor of the assessee. en-us Mon, 30 Nov 2009 00:00:00 +0530 Mon, 24 Dec 2012 11:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=203099 The court upheld the Tribunal's decision regarding the taxation of interest accrued on non-performing assets by a non-banking finance company. It was determined that the company followed a mixed system of accounting where interest on non-performing assets was not recognized until actually received. Since the company had not recognized any income from non-performing assets as per RBI notifications, the court held that the principle of accrual of income did not apply. The court dismissed the tax case appeals and connected miscellaneous petitions, affirming the decision in favor of the assessee. Case-Laws Income Tax Mon, 30 Nov 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=203099