https://www.taxtmi.com/caselaws?id=423003 Interest on loans and advances classified as non-performing assets was held not taxable on a mere accrual basis where prudential norms and accounting treatment showed no real income; the addition was deleted. The claim for deduction under section 36(1)(viii) in respect of a special reserve created from housing finance profits was required to be tested against the statutory condition that the assessee carry on eligible long-term housing finance business in India; the matter was remitted for verification and the claim was allowed for statistical purposes, subject to satisfaction of those conditions. en-us Mon, 04 Apr 2022 00:00:00 +0530 Thu, 26 May 2022 16:08:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=423003 Interest on loans and advances classified as non-performing assets was held not taxable on a mere accrual basis where prudential norms and accounting treatment showed no real income; the addition was deleted. The claim for deduction under section 36(1)(viii) in respect of a special reserve created from housing finance profits was required to be tested against the statutory condition that the assessee carry on eligible long-term housing finance business in India; the matter was remitted for verification and the claim was allowed for statistical purposes, subject to satisfaction of those conditions. Case-Laws Income Tax Mon, 04 Apr 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=423003