In the result, both the appeals of Revenue are dismissed
Bench: Shri Anil Chaturvedi, Am & Shri Partha Sarathi Chaudhury, Jm
43D of the 1961 Act, since the provisions of section 45Q of the 1934 Act had an overriding effect vis-a-vis income recognition principles in the Companies Act, 1956, the Assessing Officer was bound to follow the Reserve Bank of India Directions so-far as income recognition was concerned.” Before us, Revenue has not placed any contrary binding decision