Supreme Court · 2010 INSC 28 · Decided 11 January 2010
MIS. Southern Technologies LTD. v. Joint Commissioner of Income Tax, Coimbatore
- Court
- Supreme Court of India
- Citation
- 2010 INSC 28 · [2010] 1 S.C.R. 380
- Case number
- CIVIL APPEAL No. 1337/2003
- Decided
- 11 January 2010
- Bench
- S.H. KAPADIA, AFTAB ALAM (2-judge bench)
- Outcome
- Dismissed
- Case type
- Civil
- Acts & sections cited
- Constitution Article 14, 19(1)(g); Companies Act; Income Tax Act
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 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). E
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