Addition of Interest on NPA on accrual basis not justified as banks to recognise such income on Cash basis

The Suvikas Peoples’ Co-op. Bank Ltd. Vs. ACIT (ITAT Ahemdabad)

Essence the RBI Directions, 1998 are prudential/ provisioning norms issued by RBI under Chapter IlI-B of the RBI Act, 1934. These norms deal essentially with income recognition. They force the NBFCs to disclose the amount of NPA in their financial accounts. They force the

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