2015 (1) TMI 1452 - SCH - Income Tax

Accrual of interest on NPAs - Mercantile system of accounting followed - income from non-performing assets should be assessed on cash basis or mercantile basis despite the assessee maintain mercantile system of accounting - contention of the revenue that in respect of non-performing assets even though it does not yield any income as the assesse has adopted a mercantile system of accounting he as to pay tax on the revenue which has accrued notionally is without any basis - HELD THAT - SLP dismissed.