Amount transferred to reverse fund is to be included for computation of income of NBFC

Srei Infrastructure Finance Limited Vs ACIT (ITAT Kolkata) ITAT Kolkata held that amount meant to be transferred to reserve fund, as per section 45-IC of the RBI Act, very well falls in the definition of income of the assessee and accordingly, such amount is to be included for the purpose of computation of income under the Income Tax Act. Facts- The assessee’s appeal relates to disallowance of claim of Education Cess amounting to 86,70,456/-. Further, the assessee-appellant, being an NBFC, is mandatorily required to transfer at least 20% of their net profits to a Reserve Fund as per section ...