NBFCs not entitled to deduction of any provision created for bad and doubtful debts

CASE LAW DETAILS Decided by: HIGH COURT OF KERALA, In The case of: Appeal No.: Decided on: RELEVANT PARAGRAPH Section 45Q of the RB.I. Act reads as follows:- “45Q Chapter IIIB to override other laws – The provisions of this Chapter shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in force or any instrument having effect by virtue of any such law”. Section 36(1)(vii) of the I. T. Act reads as follows:- “36. Other deductions (1) The deductions provided for in the following clauses shall be allowed...