that the said RBI Act never intended to compute taxable
income of NBFC for income tax purposes; and, hence, there was no
inconsistency between ... asset in the books of the lender, i.e., NBFC under the
head "Debtors/Loans and Advances". According to the Department
fulfilling
certain conditions. Secondly, the circular of 1984 is with regard
to NBFC's, whereas the assessee is a cooperative bank.
Further, even ... which is engrained in
the prudential norms for recognition of revenue by NBFC.
7.1 Mr. Shah further submitted that it would, therefore,
be the real
incorporated as a Non-Banking Finance Company
(hereinafter referred to as a “NBFC”) under the Companies Act in 1983,
and was engaged inter alia ... Thus, it violated the provisions of
Para 12 of the NBFC Prudential Norms (Reserve Bank)
Directions, 1998 (hereinafter referred to as the Prudential
Norms Directions
more
than six months. The assessee is a Non-Banking Financial Company
(NBFC) and, therefore, is bound by the directions given by the
Reserve Bank ... India. These directions, inter alia, mandate a NBFC
to declare such advances as Non Performing Assets (NPA) when the
accrued interest therein is not paid
that the appellant was carrying on business of non-banking financial company (NBFC, for short) as defined under Section 45-I(f) of Chapter ... under the provisions of Section 45-IA(2) of the Act as NBFC. The RBI in order to satisfy itself whether the appellant fulfillls
1316/Hyd/2015
:- 4 -:
The assessee is an NBFC engaged in the business of micro finance and during the financial
year 2010-11, a major ... submitted that the appellant is NBFC, engaged in
the business of micro finance. The appellant provided the provision
on non-performing assets in terms
Bank of India to take cognizance of the offense committed by the NBFC and then the usual endless proceedings before a Criminal Court ... made deposits with the petitioner, a Non-Banking Finance Company (NBFC) which deposits were not repaid to the complainants as per the terms and conditions
filed by the Chief Executive
Officer of one NBFC by name Bajaj Finance Limited, seeking a
transfer of the quash petition pending on the file ... corporation which is not a bank and which is
otherwise known as NBFC, is not listed as one of the entities
excluded from the definition
should not be disallowed? The assessee stated
that it is a NBFC and principal business is of financing, including money
lending/granting of loans, investment ... appellant is engaged
in two types of business activity i.e. NBFC
business and other than NBFC business.
Majority of the expenses are pertaining
Bank of India [RBI for short] covering all Non-Banking Financial Companies [NBFC for short]. The issues in both appeals involve appreciation of the concept ... doubtful advances on the lines suggested by RBI in its guidelines to NBFC is all that remains to be dealt with
