Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)111ITD37(Chennai)
..... into the crucial issue as to whether the guidelines issued by rbi being delegated legislation, can overrule express provisions of the act i.e. section 145 of it. act. thus the decisions of itat relied by the assessee are distinguishable.27. under income tax act income is to assessed as per provisions of section 5 and section ..... the interest income on npas is to be recognised on receipt basis and not on accrual basis.whereas according to id dr shri shaji jacob, section 145 of it act, being specific provision would override provisions of section 45q of reserve bank of india act.14. in order to decide the issue whether rbi guidelines would override ..... in the case of public companies engaged in long term financing of housing projects approved by national housing bank. legislature in their wisdom did not extend the same benefit to nbfcs which has been given to scheduled banks, public financial institutions etc. the provisions of section 43d as stood at relevant time (for assessment year 1997-98 .....
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