SC upholds denial of deduction under Rule 6EB for interest on NPAs, rejects review petitions

The SC dismissed the review petitions filed by the petitioner challenging the prior order that denied entitlement to deduction under Rule 6EB for interest on NPAs. The Court held that the classification of debts as NPAs by NHB and the non-recognition of income under the Income Tax Act serve different purposes, and changes in NHB guidelines do not automatically alter Rule 6EB. The principle of real income was deemed inapplicable under Section 43D. The SC allowed the application to exempt filing certified copies of impugned orders but rejected the request for oral hearing. No grounds for review were found.

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The Supreme Court of India, through Justices J.B. Pardiwala and R. Mahadeva, issued an order allowing exemption from filing certified copies of the impugned orders but rejecting the application for oral hearing of the review petitions. The petitioner, Housing & Urban Development Corporation Limited, sought review of the Order dated 27th November 2024, which dismissed the Special Leave Petitions. Upon examination, the Court held that "no case for review is made out" and accordingly dismissed the review petitions on merits.

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