https://www.taxtmi.com/caselaws?id=252606 The High Court ruled in favor of the assessee, stating that tax on notionally accrued revenue from non-performing assets is not warranted under a mercantile system. The Court upheld the Tribunal's decision and emphasized the importance of actual receipt of income for tax assessment purposes. The judgment highlighted that non-performing assets do not yield income and should only be recognized when actually received. The revenue's appeal was dismissed, but the Court noted the matter was under challenge before the Apex Court, directing compliance with the Apex Court's decision if reversed. en-us Mon, 30 Jun 2014 00:00:00 +0530 Thu, 30 Oct 2014 07:43:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252606 The High Court ruled in favor of the assessee, stating that tax on notionally accrued revenue from non-performing assets is not warranted under a mercantile system. The Court upheld the Tribunal's decision and emphasized the importance of actual receipt of income for tax assessment purposes. The judgment highlighted that non-performing assets do not yield income and should only be recognized when actually received. The revenue's appeal was dismissed, but the Court noted the matter was under challenge before the Apex Court, directing compliance with the Apex Court's decision if reversed. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252606