2018 (5) TMI 151

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....nt: (By Sri. Sangram S Kulkarni, Adv.)  S. SUJATHA J., JUDGMENT This appeal is filed by the revenue under Section 260A of the Income Tax Act, 1961 (for short the 'Act') challenging the order passed by the Income Tax Appellate Tribunal, Panaji Bench, Panaji in ITA No.107/PAN/20 relating to the assessment year 2012-13. 2. The substantial question of law raised by the revenue is as u....

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.... of Income Tax and another Vs. Shri Siddeshwar Co-Operative Bank Limited and others in ITA No.200002/2015 and connected matters (DD 22^nd June 2016). 4. This Court in Canfin Homes Limited (supra), has held as under: "Therefore, it is clear, if an assessee adopts the mercantile system of accounting and in his accounts he shows a particular income as accruing, whether that amount is really acc....

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....set, then the assumption is it is not yielding any revenue. When it is not yielding any revenue, the question of showing that revenue and paying tax would not arise. As is clear from the policy guidelines issued by the National Housing Bank, the income from non-performing asset should be recognized only when it is actually received. That is what the Tribunal held in the instant case. Therefore, th....

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....n or an advance where: (i) the interest and / or instalment of principal remain overdue for a period of more than 90 days in respect of a term loan; (ii) the account remains "out of order" for a period of more than 90 days as indicated below, in respect of an Overdraft/Cash Credit (OD/CC); (iii) the bill remains overdue for a period of more than 90 days in the case of bi....