https://www.taxtmi.com/caselaws?id=27053 The High Court ruled in favor of the assessee, determining that section 147(a) of the Income-tax Act, 1961 was not applicable in the case. The Court held that the interest credited to the suspense account by the banking company was not taxable income for the relevant year, as per the Circular issued by the Central Board of Direct Taxes. The Court emphasized that the loan recovery was practically impossible, supporting the non-taxability of the interest. en-us Tue, 20 Sep 1983 00:00:00 +0530 Wed, 10 Feb 2010 14:04:57 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=27053 The High Court ruled in favor of the assessee, determining that section 147(a) of the Income-tax Act, 1961 was not applicable in the case. The Court held that the interest credited to the suspense account by the banking company was not taxable income for the relevant year, as per the Circular issued by the Central Board of Direct Taxes. The Court emphasized that the loan recovery was practically impossible, supporting the non-taxability of the interest. Case-Laws Income Tax Tue, 20 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=27053