NBFCs Cannot Deduct Provisions for Non-Performing Assets as Expenses Under Income Tax Act Section 36(1)(vii).

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....Clim of doubtful debts - NBFC - Provision for non-performing assets in terms of the Directions of the Reserve Bank of India does not constitute “expense” on the basis of which deduction can be claimed by the non-banking financial companies u/s 36(1)(vii) of the Act - AT....