Section 43D and Rule 6EB form a comprehensive code for deduction ...

Deduction on NPAs: Tax Laws vs. NHB Guidelines - Statutory Conditions Prevail over Prudential Norms.

November 30, 2024

Case Laws Income Tax SC

Section 43D and Rule 6EB form a comprehensive code for deduction on account of non-performing assets (NPAs), distinct from NHB guidelines classifying NPAs. The court held that the tax provisions allow discretion to follow or not follow NHB guidelines when revised. The purpose of NPA classification by NHB differs from non-recognition of income under tax laws. The real income principle is inapplicable to Section 43D deductions, which must satisfy statutory conditions, separate from NHB's prudential norms. The Supreme Court upheld the High Court's decision, dismissing the petition and vacating interim relief granted earlier.

View Source

← Previous Next →

Section 43D and Rule 6EB form a comprehensive code for deduction ...

Deduction on NPAs: Tax Laws vs. NHB Guidelines - Statutory Conditions Prevail over Prudential Norms.

November 30, 2024

Case Laws Income Tax SC

You may also like:

Statutory Auditors’ Responsibilities in relation to Fraud in a Company - NAFRA issued certain guidelines.

The ITAT addressed various issues: disallowance u/s 40(a)(ia) for year-end provisions, deduction u/s 10AA for interest income, TDS u/s 195 for subscription fees, foreign...

The Supreme Court examined the validity of a guideline issued by the Institute of Chartered Accountants of India (ICAI) imposing a numerical restriction on the maximum...

Refund of service tax - Transition of credit to GST - The words “notwithstanding anything contrary contain in said law” means that the provisions of this Section will...

Guidelines for Deductions and Payments of TDS by the DDOs Of State Government Authorities under GST.

Guidelines for Deductions and Deposits of TDS by the DDO under GST

The Income Tax Appellate Tribunal considered whether an assessee can claim deduction under Chapter VI-A of the Income Tax Act, 1961 for the first time in the return...

The High Court held that the Central Board of Direct Tax's Compounding Guidelines dated 16 September 2022, which rejected the application for compounding u/s 279(2) on...

Accrual of interest on NPA - Scheduled Bank - Once the loans had become NPAs and the assessee had opted to account for the interest on such NPAs only on recovery of the...

Deduction u/s 80P(2)(a)(i) - The decision underscores the principle that interest income earned by co-operative societies, if invested in compliance with statutory...

RATES OF INCOME-TAX for the PY 2022-23 i.e. AY 2023-24 [As per previous year Budget and comparison with Budget 2023 proposals] - Notes In the new tax regime increase the...

MAT - deduction of Rebate u/s 88E while calculating the tax liability of the assessee for minimum alternative tax u/s 115JB - when the total income is assessed and the...

TAX DEDUCTION AT SOURCE UNDER GST - Goods and Services Tax - GST

Disallowance of deduction claimed u/s 10AA after claiming deduction / exemption u/s 10A - SEZ unit - As on the commencement of assessment year 2006-07, which is the...

Refund of CVD and Special Additional Duty (SAD) - claim were rejected on the ground that DEPB scrips cannot be re- credited - After granting exemption subject to certain...

Quick Updates: