https://www.taxtmi.com/caselaws?id=177791 An NBFC cannot claim deduction for provision for bad and doubtful debts by relying on RBI guidelines or section 45Q of the RBI Act where the Income-tax Act expressly bars such deduction. Section 45Q overrides other laws only to the extent of inconsistency, but the Income-tax Act is a self-contained code for computing taxable income and the Explanation to section 36(1)(vii) specifically excludes such provisions. The separate allowance in section 36(1)(viia) for specified banks shows that Parliament intended the deduction only for identified classes of assessees. As NBFCs are outside that exception, the disallowance remains valid. en-us Tue, 15 Sep 2009 00:00:00 +0530 Tue, 19 Jan 2016 11:54:39 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=177791 An NBFC cannot claim deduction for provision for bad and doubtful debts by relying on RBI guidelines or section 45Q of the RBI Act where the Income-tax Act expressly bars such deduction. Section 45Q overrides other laws only to the extent of inconsistency, but the Income-tax Act is a self-contained code for computing taxable income and the Explanation to section 36(1)(vii) specifically excludes such provisions. The separate allowance in section 36(1)(viia) for specified banks shows that Parliament intended the deduction only for identified classes of assessees. As NBFCs are outside that exception, the disallowance remains valid. Case-Laws Income Tax Tue, 15 Sep 2009 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=177791