https://www.taxtmi.com/caselaws?id=769842 ITAT Mumbai held that interest income need not be accrued when debtor was declared NPA and underwent insolvency proceedings, as there was no realistic probability of realization. The tribunal upheld CIT(A)'s deletion of Rs. 3.6 crore interest income, noting tax should be levied on real income, not hypothetical income. However, ITAT denied TDS credit claim, ruling that without declaring corresponding income, assessee cannot claim TDS credit, following Bombay HC precedent in Imageads & Communications case. en-us Tue, 29 Apr 2025 00:00:00 +0530 Fri, 02 May 2025 08:54:49 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=769842 ITAT Mumbai held that interest income need not be accrued when debtor was declared NPA and underwent insolvency proceedings, as there was no realistic probability of realization. The tribunal upheld CIT(A)'s deletion of Rs. 3.6 crore interest income, noting tax should be levied on real income, not hypothetical income. However, ITAT denied TDS credit claim, ruling that without declaring corresponding income, assessee cannot claim TDS credit, following Bombay HC precedent in Imageads & Communications case. Case-Laws Income Tax Tue, 29 Apr 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=769842