Assessee entitled to claim deduction for the amount of interest offered on NPA account which is not realized –

CIT Vs Industrial Finance Corporation Of India Ltd. (Delhi High Court)- During the Assessment Year 2000-01, in which the issue arises, the assessee had returned Rs. 144 Crores receivable from Non-Performing Assets in accordance with the guidelines by reversing its income accounted for and offered for tax in earlier years. Such reversal of income resulted in reduction of total income which was not accepted by the AO on the ground that provisions of Section 43D of the Act, nowhere permits for reversal of income which has already been recognised on accrual basis and has been offered for tax in t...