https://www.taxtmi.com/caselaws?id=400899 The court ruled in favor of the assessee, dismissing the revenue's appeal. The court upheld the exclusion of interest accrued on non-performing assets from taxable income, following the mercantile system of accounting and RBI guidelines. The court emphasized that once an asset is classified as non-performing, it is assumed to yield no revenue and hence not taxable. Additionally, the court affirmed that the revenue's arguments regarding the provisions of the Income Tax Act were not relevant to the issues at hand. en-us Fri, 13 Nov 2020 00:00:00 +0530 Mon, 18 Jan 2021 13:55:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=400899 The court ruled in favor of the assessee, dismissing the revenue's appeal. The court upheld the exclusion of interest accrued on non-performing assets from taxable income, following the mercantile system of accounting and RBI guidelines. The court emphasized that once an asset is classified as non-performing, it is assumed to yield no revenue and hence not taxable. Additionally, the court affirmed that the revenue's arguments regarding the provisions of the Income Tax Act were not relevant to the issues at hand. Case-Laws Income Tax Fri, 13 Nov 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=400899