https://www.taxtmi.com/caselaws?id=252868 The Delhi High Court admitted an appeal on whether a cooperative bank may exclude interest accrued but not paid on non-performing assets from taxable income by applying RBI guidelines on income recognition and asset classification. It recorded the Revenue's argument that the earlier Vasisth Chay Vyapar ruling would not apply because the assessee is a cooperative bank and Section 45Q of the Reserve Bank of India Act is said to be inapplicable to such banks. The Court framed the substantial question of law, granted liberty to file papers on record, and allowed an early hearing request after the Supreme Court decides the related appeal. No merits determination was made. en-us Tue, 14 Oct 2014 00:00:00 +0530 Thu, 06 Nov 2014 05:52:27 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=252868 The Delhi High Court admitted an appeal on whether a cooperative bank may exclude interest accrued but not paid on non-performing assets from taxable income by applying RBI guidelines on income recognition and asset classification. It recorded the Revenue's argument that the earlier Vasisth Chay Vyapar ruling would not apply because the assessee is a cooperative bank and Section 45Q of the Reserve Bank of India Act is said to be inapplicable to such banks. The Court framed the substantial question of law, granted liberty to file papers on record, and allowed an early hearing request after the Supreme Court decides the related appeal. No merits determination was made. Case-Laws Income Tax Tue, 14 Oct 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=252868