https://www.taxtmi.com/caselaws?id=186104 For an NBFC governed by RBI prudential norms, interest reversed on non-performing assets was not taxable on a mere accrual basis because section 45Q gives the RBI framework overriding effect over inconsistent income-recognition treatment under section 145 of the Income-tax Act. Provident fund contribution deposited before the return-filing due date was allowable, and unmatured interest on Government securities was not taxed where the securities were accounted for on a due basis under the applicable regulatory framework. Software expenditure was treated as revenue in nature because it did not ordinarily create an enduring capital asset. The section 14A issue was remitted for fresh quantification, and the alternate bad debt claim became only academic after acceptance of the primary NPA reversal claim. en-us Fri, 07 Sep 2012 00:00:00 +0530 Wed, 07 Sep 2016 15:19:04 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=186104 For an NBFC governed by RBI prudential norms, interest reversed on non-performing assets was not taxable on a mere accrual basis because section 45Q gives the RBI framework overriding effect over inconsistent income-recognition treatment under section 145 of the Income-tax Act. Provident fund contribution deposited before the return-filing due date was allowable, and unmatured interest on Government securities was not taxed where the securities were accounted for on a due basis under the applicable regulatory framework. Software expenditure was treated as revenue in nature because it did not ordinarily create an enduring capital asset. The section 14A issue was remitted for fresh quantification, and the alternate bad debt claim became only academic after acceptance of the primary NPA reversal claim. Case-Laws Income Tax Fri, 07 Sep 2012 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=186104