https://www.taxtmi.com/caselaws?id=222120 For an NBFC governed by RBI prudential norms, unrealised interest on a non-performing asset was not treated as accrued income where no receipt had occurred for years and recovery had become uncertain. Section 45Q of the Reserve Bank of India Act gave overriding effect to the RBI directions, so such interest could not be recognised as income under the applicable statutory regime. The addition made on account of interest on NPA was therefore deleted as unsustainable. 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 For an NBFC governed by RBI prudential norms, unrealised interest on a non-performing asset was not treated as accrued income where no receipt had occurred for years and recovery had become uncertain. Section 45Q of the Reserve Bank of India Act gave overriding effect to the RBI directions, so such interest could not be recognised as income under the applicable statutory regime. The addition made on account of interest on NPA was therefore deleted as unsustainable. Case-Laws Income Tax Fri, 15 Feb 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=222120