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
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
obtained fresh
unsecured loans during the year under consideration from the
NBFC Sector companies. The assessee-company furnished
details of interest paid to NBFC companies ... source on the
payment on account of interest paid to NBFC companies
amounting to Rs.7,71,859. As per provisions of Section 194A
account of irrecoverable overdue matured
debentures only if the Appellant was an NBFC at the time of
acquisition of the said debentures.
3. The Learned ... that the assessee was a Non Banking
Financial Company (NBFC). The Ld. CIT(A) has directed the Assessing
officer to allow the claim
Alchemist Holdings Limited, duly
registered as a Non-Banking Financial Company ('NBFC') had raised
funds by issuance of RPS during the period from ... raised funds
through issuance of RPS even before it was registered as NBFC with RBI
and also after it was registered as NBFC with
also submitted that all the investor companies were holding the license
of NBFC issued by the Reserve Bank of India. All the companies were having ... contrary to facts, as all these companies are registered with RBI as NBFC and having
high value of net worth. Further, the investment made
Banking Finance Company (in
short "NBFC") vide registration No.N-1403081 dated 25.07.2005. The
assessee company as an investment company, is carrying ... noted that the assessee company is not covered by exception. The NBFC
registration has been granted to the assessee company on 25.07.2005 after
Directions, 1998
34. Vide Para 9, RBI has mandated that every NBFC shall
disclose in its balance sheet the provision without netting
them from ... asset--"debtors/loans and advances" in
the books of NBFC. For creating a provision the only
yardstick is default in terms
