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Search Results Judgments > Act:RESERVE BANK OF INDIA ACT, 1934 (2 OF 1934) Section 36

Feb 09 2009

TVS Finance and Services Ltd., Jayalakshmi Estates Vs. The Joint Commi ...

  • Decided on : 09-Feb-2009

Court : Chennai

Reported in : (2010)228CTR(Mad)546; [2009]318ITR435(Mad)

... -Performing Assets (NPAs) prescribed by the directions of Reserve Bank of India is an allowable deduction under the Income Tax Act?(ii) Whether the Tribunal ought to have considered the claim as allowable as a business loss Under Section 28 of the Income Tax Act, if not as a bad debt Under Section 36(1)(vii) of the Income Tax Act, 1961?(iii) Whether order of the Income Tax ... (Guj) the Gujarat High Court held that 'the debt in question had become a bad debt and whether the deduction was admissible in the context of Section 36(1)(vii) and Sub-section (2) of Section 36 of the Act and held that in most cases the debt is a bad debt should suffice, when there are circumstances or material to indicate the reasonableness of the decision ... -Performing Assets (NPAs) prescribed by the directions of Reserve Bank of India is an allowable deduction under the Income Tax Act?(ii) Whether the Tribunal ought to have considered the claim as allowable as a business loss Under Section 28 of the Income Tax Act, if not as a bad debt Under Section 36(i)(vii) of the Income Tax Act, 1961?(iii) Whether order of the Income Tax ... includible in computing 'book profit' Under Section 115-JA of the Income Tax Act?In T.C. No. 109 of 2002:(i) Whether the provision of Rs. 59,35,318 made pursuant to the Prudential Norms towards Non-Performing Assets (NPAs) prescribed by the directions of Reserve Bank of India is an allowable deduction under the Income Tax Act?(ii) Whether the Tribunal ought to have ...

Sep 15 2009

Art Leasing Ltd. Vs. Commissioner of Income-tax

  • Decided on : 15-Sep-2009

Court : Kerala

Reported in : [2010]187TAXMAN29(Ker)

... on the Bank under Section 45JA of the Reserve Bank of India Act, 1934 (for short 'the RBI Act'). However, in the course of assessment, the Assessing Officer noticed that the appellant/assessee has claimed deduction of the entire provision created for bad and doubtful debts in the computation of taxable income. Since the Explanation contained in Section 36(1)(vii) of the Income-tax Act ... for the assessment years 1997-98 to 2000-01. We have heard Sri T.M. Sreedharan, learned Counsel appearing for the appellant.2. The appellant-assessee is a Non-Banking Financial Company (NBFC) registered with Reserve Bank of India. As a measure of control, the RBI has issued guidelines to NBFCs to create provision for bad and doubtful debts. According ... Reserve Bank of India. As a measure of control, the RBI has issued guidelines to NBFCs to create provision for bad and doubtful debts. According to the assessee, the assessee created the provisions for bad and doubtful debts in terms of the guidelines issued by the RBI in exercise of the powers conferred on the Bank under Section 45JA of the Reserve Bank of India Act, 1934 ... India. As a measure of control, the RBI has issued guidelines to NBFCs to create provision for bad and doubtful debts. According to the assessee, the assessee created the provisions for bad and doubtful debts in terms of the guidelines issued by the RBI in exercise of the powers conferred on the Bank under Section 45JA of the Reserve Bank of India Act, 1934 (for short 'the RBI Act ...

Mar 19 1990

Vyavasaya Seva Sahakara Sangha Niyamitha and others Vs. State of Karna ...

  • Decided on : 19-Mar-1990

Court : Karnataka

Reported in : [1993]76CompCas278(Kar); ILR1990KAR2080

... Reserve Bank of India as to the policy to be followed with regard to the financing of the Primary Agricultural Credit Co-operative Societies. 7. The said circular also does not fall under section 54(b) of the Reserve Bank of India Act read with section 21 of the Banking Regulation Act. 8. Section 54 of the Reserve Bank of India Act states that the bank ... India Act, 1935. The Federal Court had occasion to examine the scope of this entry in Bank of Commerce Ltd. v. Nripendra Nath Datta . In that case, the question arose as to whether sections 30 and 36 of the Bengal Money Lenders Act were invalid because the said provisions affected the subject of 'banking ... Act, 1959 (hereinafter referred to as 'the Act'). Therefore, we are of the view that the contention that annexure J has statutory force because it falls under section 54(b) of the Reserve Bank of India Act and becomes a direction under section 21 of the Banking Regulation Act, cannot be accepted. It is accordingly rejected. Hence, point No.1 is answered in the negative. 11. Point No.2 ...

Mar 21 2003

Tedco Investment And Financial Vs. Deputy Commissioner Of

  • Decided on : 21-Mar-2003

Court : Income Tax Appellate Tribunal (ITAT) - Delhi

... to Reserve Bank of India Act, 1934 and the Income-tax Act, 1961 as special enactment" and claiming further Prudential Norms are Delegated legislation to Reserve Bank of India are all irrelevant and misconceived and so to be ignored. Chapter III-B of the Reserve Bank of India Act, 1934 containing 22 sections (including 2 repealed Sections 45-O and 45B) applied to the assessee, being NBFC, along with Prudential Norms issued under Section ... of fact the debts written off were not bad or doubtful debts. The appellant company can not write off a good debt and claim deduction under Section 36(1)(vii). The provisions of Section 36(1)(vii) are applicable to bad or doubt debts and not to good debts. Therefore addition made by the Assessing Officer in respect of debts ... . The registration under the Reserve Bank of India Act, 1934 under Section 45-IA is pending as the Central Government by its order sent it back to RBI duly set aside for re-consideration which is pending with Reserve Bank of India in terms of Sub-section (7) and empower to carry on business as NBFC by virtue of proviso to Sub-section (2) of Section 45-IA. 8. ... in confirming the order of the Assessing Officer holding that the appellant company cannot be considered as a non-banking financial company under Section 45-IA of Reserve Bank of India Act, 1934 when the matter of granting Registration is still pending with Reserve Bank of India, 2. The Ld. CIT(A) has erred in law and on facts in confirming the order of Assessing Officer ...

Jan 30 1992

Peerless General Finance and Investment Co. Limited and Anr. Vs. Reser ...

  • Decided on : 30-Jan-1992

Court : Supreme Court of India

Reported in : AIR1992SC1033; [1992]75CompCas12(SC); 1991CriLJ1391; JT1992(1)SC405; 1992(1)SCALE216; (1992)2SCC343; [1992]1SCR406

... the time being in force in India and bonds or fixed deposits issued by any corporation established or constituted under any Central or State enactments.(c) 'public sector banks' means, the State Bank of India, the Subsidiary Banks and the corresponding new banks referred to in Section 45(1) of the Reserve Bank of India Act, 1934 (2 of 1934).(d) 'unencumbered approved securities' shall ... receipt of such deposits. The normal standard applied to non financial and financial companies is that they cannot accept deposits for a period of more than 36 months (except housing finance company). Thus the companies before us have been permitted to conduct their schemes extending over to a long period upto 120 months ... Bank of India, the Subsidiary Banks and the corresponding new banks referred to in Section 45(1) of the Reserve Bank of India Act, 1934 (2 of 1934).(d) 'unencumbered approved securities' shall include the approved securities lodged by the company with another institution for advance or any other credit arrangements to the extent to which such securities have not been drawn against or availed of.13. Paragraph (12) Every residuary non-banking ... laying down provisions relating to non-banking institutions receiving deposits and financial institutions was inserted in the Reserve Bank of India Act, 1934, by virtue of Act 55 of 1963 w.e.f. 1.2.1964. Sections 45J, 45K(3) & (4) and 45L(1)(b) relevant for our purpose are given as under :Section 45J.The Bank may, if it considers necessary ...

Jul 18 2000

Om Parkash Kapoor and Anr. Vs. Special Addl. Director of Enforcement a ...

  • Decided on : 18-Jul-2000

Court : Delhi

Reported in : 2000(56)DRJ505; 2001(73)ECC50

... Reserve Bank of India Act, 1934 and the FERA Act; 1947 and observed as under:-'The preambles to both the Reserve Bank of India Act, 2 of 1934, and the foreign Exchange Regulation Act, VII of 1947, are themselves of interest on this aspect. The preamble to the former Act, states that it is expedient to . constitute a Reserve Bank for India to regulate the issue of bank notes and the keeping of reserves ... provisions of the said sections are to be liberally construed so as to arm the State with sufficient powers to deal with the matters which are so vital to the nation's economy. The approach to such problems is lucidly explained by Division Bench of Madras High Court in Reserve Bank of India v. Vasanthi Roman, (1966) 36 Comp Case 416 ... Act can interdict such a transaction.'It was further observed that the travel aboard should be placed in an interdict only when it involves 9 threat on the foreign exchange resources or earnings of the country. The Division Bench in appeal considered the scope of the power and objects both of the Reserve Bank of India Act, 1934 and the FERA Act; ... Act; 1947 and observed as under:-'The preambles to both the Reserve Bank of India Act, 2 of 1934, and the foreign Exchange Regulation Act, VII of 1947, are themselves of interest on this aspect. The preamble to the former Act, states that it is expedient to . constitute a Reserve Bank for India to regulate the issue of bank notes and the keeping of reserves with a view to securing monetary stability in India ...

Nov 12 2002

CIT Vs. Catholic Syrian Bank Ltd.

  • Decided on : 12-Nov-2002

Court : Kerala

Reported in : [2003]130TAXMAN447(Ker)

... India.(2A)(a) Notwithstanding anything contained in sub-section (1), or in sub-section (2), after the expiry of two years from the commencement of the Banking Companies (Amendment) Act, 1962 (36 of 1962) :(i) a scheduled bank, in addition to the average daily balance which it is, or may be, required to maintain under section 42 of the Reserve Bank of India Act, 1934 (2 of 1934), and(ii) every other banking ... section (1), or in sub-section (2), after the expiry of two years from the commencement of the Banking Companies (Amendment) Act, 1962 (36 of 1962) :(i) a scheduled bank, in addition to the average daily balance which it is, or may be, required to maintain under section 42 of the Reserve Bank of India Act, 1934 (2 of 1934), and(ii) every other banking company, in addition to the cash reserve ... section (2), after the expiry of two years from the commencement of the Banking Companies (Amendment) Act, 1962 (36 of 1962) :(i) a scheduled bank, in addition to the average daily balance which it is, or may be, required to maintain under section 42 of the Reserve Bank of India Act, 1934 (2 of 1934), and(ii) every other banking company, in addition to the cash reserve which it is required to maintain under section ...

Nov 12 2002

Commissioner of Income Tax Vs. Dhanalakshmi Bank Ltd.

  • Decided on : 12-Nov-2002

Court : Kerala

Reported in : 2003(2)KLT1076

... section (2) of Section 11 to be made with the Reserve Bank by a banking company incorporated outside India and any balances maintained in India by a banking company in current account with the Reserve Bank or the State Bank of India or with any other bank which may be notified in this behalf by the Central Government, including in the case of a scheduled bank the balance required under Section 42 of the Reserve Bank of India Act, 1934 ... Act as well as the relevant provisions of the Banking Regulation Act and the Reserve Bank of India Act under which the penal interest is paid by the assessees to the Reserve Bank of India and on which the claim for deduction is made.5. Section 37 of the Income Tax Act, 1961 provides that any expenditure (not being expenditure of the nature described in Sections 30 to 36 ... Reserve Bank or the State Bank of India or with any other bank which may be notified in this behalf by the Central Government, including in the case of a scheduled bank the balance required under Section 42 of the Reserve Bank of India Act, 1934, to be so maintained, shall be deemed to be cash maintained in India. Sub-section (2-A)(a) provides that notwithstanding anything contained in Sub-section (1), or in Sub-section (2 ...

Mar 27 2003

K. Jayaprakash Ram and Ors. etc. Vs. Addl. Director General of Police, ...

  • Decided on : 27-Mar-2003

Court : Andhra Pradesh

Reported in : 2003(2)ALT(Cri)233; 2003CriLJ2835

... Section 45-I of the Reserve Bank of India Act, 1934 (Central Act II of 1934).'13. A perusal of the above provision makes it clear that 'financial establishment' does not include inter alia a 'company' registered under the Companies Act and a 'banking company' as defined under Section 5(c) of the Banking Regulation Act. Section 5(c) of the Banking Regulation Act defines a 'banking company' as any company which transacts the business of banking in India. Section ... Banking Regulation Act as it was not formed and registered under the Companies Act, and therefore Section 2(c) of Act 17 of 1997, which excludes the applicability of the Act to a banking company, has no application to it.25. Learned senior counsel has taken me through various circulars issued by the Reserve Bank of India including the notification including Vasavi Bank in the second schedule to the Reserve Bank of India Act ... Bank is not a 'banking company' within the meaning of Section 5(c) of the Banking Regulation Act, the arrest of the petitioners by the police and remand made by the learned Sessions Judge, in pursuance of the provisions under Act 17 of 1999, cannot be said to be illegal.36 ...

May 03 1995

Peerless General Finance and Investment Co. Ltd. and Anr. Vs. Reserve ...

  • Decided on : 03-May-1995

Court : Kolkata

Reported in : [1996]85CompCas808(Cal)

... India to the Residuary Non-Banking Companies (Reserve Bank) Directions, 1987, which were framed by the Reserve Bank of India in 1987 in exercise of the powers under Sections 45J and 45K of the Reserve Bank of India Act, 1934. The impugned amendments have been made through two notifications dated April 10, 1993, and April 19, 1993. The impugned amendments purport to have been made under Sections 45J, 45K and 45L of the Reserve Bank of India Act, 1934.2 ... Banking Financial Companies (Reserve Bank) Directions, 1977, is not- (i) an equipment leasing company ; (ii) a hire purchase finance company ; (iii) a housing finance company ; (iv) an insurance company ; (v) an investment company ; (vi) a loan company ; (vii) a mutual benefit financial company ; and (viii) miscellaneous non-banking company.' 36 ... Reserve Bank of India. It has been submitted on behalf of the Reserve Bank of India that the said two notifications have been issued in exercise of the powers conferred on the Reserve Bank by Sections 45J, 45K and 45L of the Reserve Bank of India Act, 1934.160. It has further been submitted on behalf of the Reserve Bank of India that the validity of the original directions which were issued by the Reserve Bank ...

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