https://www.taxtmi.com/caselaws?id=31515 The High Court of Himachal Pradesh held that interest on sticky loans cannot be treated as income if no recovery has been made for three consecutive years, following a circular issued by the Central Board of Direct Taxes. The court directed the Assessing Officer to consider this circular and make a fresh assessment order accordingly. The court also addressed the treatment of interest awarded by courts in recovery proceedings, emphasizing adherence to the circular's provisions. The judgment underscored the importance of accounting practices and adherence to tax authority guidelines in determining the treatment of interest on sticky loans. en-us Wed, 09 Apr 2008 00:00:00 +0530 Fri, 16 Sep 2011 18:00:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=31515 The High Court of Himachal Pradesh held that interest on sticky loans cannot be treated as income if no recovery has been made for three consecutive years, following a circular issued by the Central Board of Direct Taxes. The court directed the Assessing Officer to consider this circular and make a fresh assessment order accordingly. The court also addressed the treatment of interest awarded by courts in recovery proceedings, emphasizing adherence to the circular's provisions. The judgment underscored the importance of accounting practices and adherence to tax authority guidelines in determining the treatment of interest on sticky loans. Case-Laws Income Tax Wed, 09 Apr 2008 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=31515