2017 (3) TMI 1560

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..... ) TMI 377 - GUJARAT HIGH COURT] wherein held that assessee was correct in not charging interest on NPA. The Hon'ble Gujarat High Court agreed with the view taken by the Hon'ble Delhi High Court in the CIT Vs. Vasisth Chay Vyapar Ltd. [2010 (11) TMI 88 - Delhi High Court] wherein it was held that interest income could not be said to have accrued to the assessee having regard to provisions of sectio .....

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..... ar carried on banking business. It had filed its return of income declaring total income of ₹ 3,51,69,010/- The Assessing Officer noticed that assessee had not disclosed interest income of non performing assets on accrual basis to the tune of ₹ 1,42,85,155. After considering the assessee s submissions, he made addition of Rs,1,42,85,155/-. Ld.CIT(A) dismissed the assessee s appeal. .....

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