9911796707
TMI Blog2009 (11) TMI 560X X X X Extracts X X X X X X X X Extracts X X X X ..... rs such interest was not actually received - In the present case, the assessee has classified its assets on the basis of the notification issued by the Reserve Bank of India and found that the appellant under the category of non-performing assets - The issue is answered against the Revenue - Appeal was dismissed - - - - - Dated:- 30-11-2009 - RAVIRAJA PANDIAN K., SUNDRESH M. M. JJ JUDG ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... profit and loss account of the assessee's income. The Assessing Officer thus rejecting the contention of the assessee, brought the income to tax. (ii) The Commissioner of Income-tax (Appeals) following the decision of the Supreme Court in Kerala State Industrial Development Corporation Ltd. v. CIT reported in [2003] 259 ITR 51, and the decision of our High Court, allowed the appeal in favour ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... India Equipment Leasing Ltd. reported in [2007] 293 ITR 350 (Mad). In the latter decision, in which one of us is a party, has considered the case of the assessee in respect of hire-purchase transactions and leasing of plant and machinery, has held that interest on "sticky' loans not being brought into the profit and loss account, but being taken to the suspense account was an accepted mode of trea ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... le of accrual. The principle of "accrual of income" comes into play only when the income was recognised. In the present case, the assessee has classified its assets on the basis of the notification issued by the Reserve Bank of India and found that the appellant under the category of non-performing assets. From such nonperforming assets, the assessee had not recognised any income in concealing the ..... X X X X Extracts X X X X X X X X Extracts X X X X
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