https://www.taxtmi.com/caselaws?id=222120 The Appellate Tribunal ITAT DELHI ruled in favor of the assessee, allowing the appeal regarding the recognition of interest on Non-Performing Assets (NPA) as income for the assessment year 2006-07. The Tribunal considered the RBI Act and Prudential Norms, concluding that interest income cannot be deemed to have accrued to the assessee in cases of NPAs with minimal recovery possibilities. The decision aligned with a similar case involving Inter Corporate Deposits (ICD) and NPA classification, where the High Court held that interest income not received due to financial uncertainties should not be recognized as accrued income. en-us Fri, 15 Feb 2013 00:00:00 +0530 Fri, 22 Mar 2013 15:05:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=222120 The Appellate Tribunal ITAT DELHI ruled in favor of the assessee, allowing the appeal regarding the recognition of interest on Non-Performing Assets (NPA) as income for the assessment year 2006-07. The Tribunal considered the RBI Act and Prudential Norms, concluding that interest income cannot be deemed to have accrued to the assessee in cases of NPAs with minimal recovery possibilities. The decision aligned with a similar case involving Inter Corporate Deposits (ICD) and NPA classification, where the High Court held that interest income not received due to financial uncertainties should not be recognized as accrued income. Case-Laws Income Tax Fri, 15 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=222120