2014 (10) TMI 740

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.... Advocate. For The Respondent : Sriyuths. A. Shankar and M. Lava, Advocates JUDGMENT The revenue has preferred this appeal challenging the order passed by the order passed by the Tribunal holding that the  assesse need not pay tax in respect of non-performing assets though the assesse is adopting mercantile system of accounting. 2. The substantial question of law which is raised i....

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....amount accrued was not realized immediately cannot be a ground to avoid payment of tax. But, if in his account it is clearly stated though a particular income is due to him but it is not possible to recover the same, then it cannot said to have been accrued and the said amount cannot be brought to tax. In the Instant case we are concerned with a non-performing asset. As the definition of non-perfo....