https://www.taxtmi.com/caselaws?id=349623 The High Court of Calcutta ruled against the assessee in a case concerning the disallowance of a deduction claimed for non-performing assets (NPAs) due to the rejection of Non-Banking Financial Company (NBFC) registration by the Reserve Bank of India (RBI) for the assessment year 2005-06. The Court held that the provision for NPAs made by the assessee was not allowable as a deduction from its income, emphasizing the need to assess the nature of the transaction for determining the allowability of expenses or losses. The appeal was allowed in favor of the Revenue, with no costs awarded. en-us Thu, 18 May 2017 00:00:00 +0530 Wed, 18 Oct 2017 11:02:34 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=349623 The High Court of Calcutta ruled against the assessee in a case concerning the disallowance of a deduction claimed for non-performing assets (NPAs) due to the rejection of Non-Banking Financial Company (NBFC) registration by the Reserve Bank of India (RBI) for the assessment year 2005-06. The Court held that the provision for NPAs made by the assessee was not allowable as a deduction from its income, emphasizing the need to assess the nature of the transaction for determining the allowability of expenses or losses. The appeal was allowed in favor of the Revenue, with no costs awarded. Case-Laws Income Tax Thu, 18 May 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=349623