Supreme Court of India
Mis. Southern Technologies Ltd. v. Joint Commissioner of Income Tax, Coimbatore
INSC stands for INDIAN SUPREME COURT. A neutral citation scheme assigned by the Court itself, so a judgment can be cited without depending on a commercial law reporter. INSC is the neutral citation scheme assigned by the Supreme Court, so a judgment can be cited without depending on a commercial law reporter.
2 Supreme Court benches have cited this judgment.
What the Court ordered
We hold that neither Section 36(1)(viia) nor Section 43D violates Article.
Judgment, page 56
From the headnote
Income Tax Act, 1961: c s.2(24) - Provision for NPA - Debited by NBFC to the P&L Account - In terms of Para 9(4) of the RBI Directions 1998 - Whether the provision for NPA to be treated as income under s.2(24) of the Act- Held: RBI directions· deal with the presentation of the provision for NPA in the Balance Sheet 0 of NBFC - The Directions are only disclosure norms and are not related with the computation of total taxable income under IT Act or with the accounting treatment - Not to be treated as "income" under s. 2(24) of the Act - RBI Directions 1998 - Para 9(4). s.36(1)(vii) - Provision
Where later benches applied it
- 2012 Catholic Syrian Bank Ltd. v. Commissioner of Income Tax, Thrissur
- 2022 Pr. Commissioner of Income Tax 6 v. Khyati Realtors Pvt. Ltd.
Of those, 1 referred to · 1 mentioned
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