https://www.taxtmi.com/caselaws?id=396029 A provision made by an NBFC for non-performing assets, even if created in accordance with RBI prudential norms, was treated as not allowable as a deduction under the normal provisions of the Income-tax Act. The Tribunal followed a binding later view applying Supreme Court authority that such NPA provision does not constitute an allowable expense, so the relief earlier granted by the CIT(A) could not stand and the disallowance was restored in favour of the Revenue. en-us Fri, 12 Jun 2020 00:00:00 +0530 Wed, 06 Nov 2024 10:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=396029 A provision made by an NBFC for non-performing assets, even if created in accordance with RBI prudential norms, was treated as not allowable as a deduction under the normal provisions of the Income-tax Act. The Tribunal followed a binding later view applying Supreme Court authority that such NPA provision does not constitute an allowable expense, so the relief earlier granted by the CIT(A) could not stand and the disallowance was restored in favour of the Revenue. Case-Laws Income Tax Fri, 12 Jun 2020 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=396029