https://www.taxtmi.com/caselaws?id=213949 The ITAT Cochin set aside the CIT(A)'s orders and directed the Assessing Officer to delete the addition of accrued interest income on loans advanced to Kerala Government undertakings. The tribunal accepted the assessee's argument that the loans had become bad and irrecoverable, justifying the non-recognition of interest income. The decision emphasized the significance of prudence in financial reporting and the applicability of accounting standards in income recognition, resulting in the deletion of the accrued interest income addition. en-us Fri, 08 Jun 2012 00:00:00 +0530 Tue, 12 Jun 2012 14:34:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=213949 The ITAT Cochin set aside the CIT(A)'s orders and directed the Assessing Officer to delete the addition of accrued interest income on loans advanced to Kerala Government undertakings. The tribunal accepted the assessee's argument that the loans had become bad and irrecoverable, justifying the non-recognition of interest income. The decision emphasized the significance of prudence in financial reporting and the applicability of accounting standards in income recognition, resulting in the deletion of the accrued interest income addition. Case-Laws Income Tax Fri, 08 Jun 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=213949