https://www.taxtmi.com/caselaws?id=338699 The Appellate Tribunal ITAT Chennai upheld the lower authority's decision in appeals regarding the assessment of income on non-performing assets for the assessment years 2009-10 and 2010-11. The Tribunal ruled that interest on non-performing assets should not be recognized as income until the principal amount is recovered, despite arguments based on the mercantile system of accounting and prudential norms by the Reserve Bank of India. The consistent practice of recognizing interest on a receipt basis by the cooperative bank prevailed, leading to the dismissal of the Revenue's appeals. en-us Fri, 23 Sep 2016 00:00:00 +0530 Wed, 08 Feb 2017 11:56:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338699 The Appellate Tribunal ITAT Chennai upheld the lower authority's decision in appeals regarding the assessment of income on non-performing assets for the assessment years 2009-10 and 2010-11. The Tribunal ruled that interest on non-performing assets should not be recognized as income until the principal amount is recovered, despite arguments based on the mercantile system of accounting and prudential norms by the Reserve Bank of India. The consistent practice of recognizing interest on a receipt basis by the cooperative bank prevailed, leading to the dismissal of the Revenue's appeals. Case-Laws Income Tax Fri, 23 Sep 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338699