https://www.taxtmi.com/caselaws?id=360869 The High Court dismissed the appeal by the Revenue under Section 260-A of the Income Tax Act, 1961, regarding the addition of interest on non-performing assets for the Assessment Year 2010-2011. The Court upheld the decision that income from non-performing assets should be assessed on a cash basis, even if the assessee follows a mercantile system of accounting, based on previous rulings and policy guidelines. The Tribunal's approval of deleting the addition of interest on NPAs was deemed appropriate, as the income from NPAs should only be recognized when actually received. en-us Wed, 28 Feb 2018 00:00:00 +0530 Thu, 24 May 2018 08:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=360869 The High Court dismissed the appeal by the Revenue under Section 260-A of the Income Tax Act, 1961, regarding the addition of interest on non-performing assets for the Assessment Year 2010-2011. The Court upheld the decision that income from non-performing assets should be assessed on a cash basis, even if the assessee follows a mercantile system of accounting, based on previous rulings and policy guidelines. The Tribunal's approval of deleting the addition of interest on NPAs was deemed appropriate, as the income from NPAs should only be recognized when actually received. Case-Laws Income Tax Wed, 28 Feb 2018 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=360869