2018 (7) TMI 663 - SCH - Income Tax

Treatment of interest on Non Performing Assets (NPAs) - Revenue contends that given the obligation of the assessee to maintain books in accordance with Section 209 of the Companies Act, 1956 on accrual basis, it had to reflect the interest accrued upon unpaid loans (NPAs) - Assessee bound by Reserve Bank of India directions to treat deposit as non-performing asset Interest does not accrue - Held that - SLP dismissed. No ground for interference is made out to exercise our jurisdiction under Article 136 of the Constitution of India.

Summary

The Supreme Court of India dismissed the Special Leave Petition, citing no grounds for interference under Article 136 of the Constitution of India. The delay was condoned, and any pending applications were disposed of.