https://www.taxtmi.com/article/detailed?id=621 The interplay between Section 45Q of the RBI Act and the Explanation to Section 36(1)(vii) of the Income tax Act was examined to determine whether RBI mandated provisions for bad and doubtful debts by NBFCs are deductible. The court treated the RBI Act's overriding language as limited to laws in the same regulatory field, held that RBI accounting norms apply to tax computation only if consistent with the Income tax Act, and noted that parliamentary provisions expressly permitting limited provisioning for certain banks indicate that NBFCs outside that special regime cannot claim tax deductions for such provisions. en-us Thu, 31 Dec 2009 00:00:00 +0530 Thu, 31 Dec 2009 09:23:55 +0530 TaxTMI RSS Generator https://www.taxtmi.com/article/detailed?id=621 The interplay between Section 45Q of the RBI Act and the Explanation to Section 36(1)(vii) of the Income tax Act was examined to determine whether RBI mandated provisions for bad and doubtful debts by NBFCs are deductible. The court treated the RBI Act's overriding language as limited to laws in the same regulatory field, held that RBI accounting norms apply to tax computation only if consistent with the Income tax Act, and noted that parliamentary provisions expressly permitting limited provisioning for certain banks indicate that NBFCs outside that special regime cannot claim tax deductions for such provisions. Articles Income Tax Thu, 31 Dec 2009 00:00:00 +0530 https://www.taxtmi.com/article/detailed?id=621