https://www.taxtmi.com/caselaws?id=247115 The Tribunal affirmed the eligibility of the assessee, a State Government company providing long term finance for industrial projects, for the benefit under section 43D of the Income Tax Act. The decision was based on the assessee meeting the criteria to qualify as a 'State Industrial Investment Corporation' under the Act. The Tribunal upheld that interest income need not be recognized when loans were classified as non-performing assets, in line with RBI guidelines. Previous Tribunal rulings and adherence to accounting standards supported the assessee's position, resulting in the dismissal of the Revenue's appeal. en-us Mon, 03 Mar 2014 00:00:00 +0530 Sat, 21 Mar 2015 11:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=247115 The Tribunal affirmed the eligibility of the assessee, a State Government company providing long term finance for industrial projects, for the benefit under section 43D of the Income Tax Act. The decision was based on the assessee meeting the criteria to qualify as a 'State Industrial Investment Corporation' under the Act. The Tribunal upheld that interest income need not be recognized when loans were classified as non-performing assets, in line with RBI guidelines. Previous Tribunal rulings and adherence to accounting standards supported the assessee's position, resulting in the dismissal of the Revenue's appeal. Case-Laws Income Tax Mon, 03 Mar 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=247115