https://www.taxtmi.com/caselaws?id=383456 Interest on non-performing assets for a non-banking financial company was required to be tested against the RBI income-recognition directions then in force, which treated such interest as accruable only on actual realisation. The Court noted that the earlier CBDT circular had been superseded for the relevant period and that the applicable government notification under the Companies Act also had to be considered. Because the Tribunal and appellate authority did not apply the later regime correctly or fully examine whether the assets had become non-performing in the assessment year concerned, the inclusion of such interest could not be sustained on that basis and the matter was remanded for fresh consideration. en-us Wed, 03 Jul 2019 00:00:00 +0530 Tue, 23 Jul 2019 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=383456 Interest on non-performing assets for a non-banking financial company was required to be tested against the RBI income-recognition directions then in force, which treated such interest as accruable only on actual realisation. The Court noted that the earlier CBDT circular had been superseded for the relevant period and that the applicable government notification under the Companies Act also had to be considered. Because the Tribunal and appellate authority did not apply the later regime correctly or fully examine whether the assets had become non-performing in the assessment year concerned, the inclusion of such interest could not be sustained on that basis and the matter was remanded for fresh consideration. Case-Laws Income Tax Wed, 03 Jul 2019 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=383456