Should interest be recorded on loan which is non recoverable
Querist : Anonymous
Should interest be recorded on Loan which is Non recoverable..
The case stands as follows..
X (P) Ltd has given loan to D Textile Industries (Say Rs 1 Crore ) ..
D Textile industries has made a forgery and plundered many banks and other financial institutions and has run away..
Company has file a legal suit against D.
Now My Question is..
Do we have to book interest income on this loan provided ?
(Please suggest as per legal and income tax view)
Querist : Anonymous
further can u plz provide with any case law..
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