https://www.taxtmi.com/caselaws?id=344081 Notional interest on non-performing assets in the hands of a co-operative bank was held not taxable on accrual basis where the bank followed the mercantile system, because a prior binding Division Bench ruling had already applied RBI income-recognition norms and the CBDT circular issued under section 119 to the same issue. The Court rejected the Revenue's reliance on Southern Technologies as insufficient to displace that settled position. As the appeals raised no substantial question of law in view of the earlier decision, they were dismissed. en-us Mon, 05 Jun 2017 00:00:00 +0530 Mon, 27 Aug 2018 14:15:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=344081 Notional interest on non-performing assets in the hands of a co-operative bank was held not taxable on accrual basis where the bank followed the mercantile system, because a prior binding Division Bench ruling had already applied RBI income-recognition norms and the CBDT circular issued under section 119 to the same issue. The Court rejected the Revenue's reliance on Southern Technologies as insufficient to displace that settled position. As the appeals raised no substantial question of law in view of the earlier decision, they were dismissed. Case-Laws Income Tax Mon, 05 Jun 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=344081