2017 (11) TMI 1674 - HC - Income Tax

Business income Vs. Other sources - Deduction u/s 36(1)(viii) - Whether income from non-performing assets should be assessed on cash basis and not on mercantile basis despite the assessee maintaining mercantile system of accounting - method of accounting - Held that - Learned counsel appearing for the appellants fairly submits that the question raised in this appeal is answered against the appellants by this Court in CIT v. Canfin Homes Ltd. 2011 (8) TMI 178 - KARNATAKA HIGH COURT . The appeal is accordingly dismissed.

Summary

The Karnataka High Court dismissed the appeal, stating that the question raised was already answered against the appellants in a previous case. (Citation: 2017 (11) TMI 1674 - KARNATAKA HIGH COURT)