Reserve Transfers by NBFCs under RBI Act not Allowable Deduction in Computing Assessable Income: Madras HC [Read Order]
When the income by way of profit, as in the present case, is received and then reflected as part of the total income, deduction is not permissible
By Navasree A.M - On November 16, 2024 2:06 pm - 2 mins read
The Statutory Reserves transferred by the Non-Banking Financial Companies ( NBFCs ) under the Reserve Bank of India ( RBI ) Act is not allowable deduction computing assessable income under the provisions of the Act under the regular computation and computation of book profits under section 115JB of Income Tax Act, as the case may…
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