WE HAVE DEBITED TO PROFIT AND LOSS ACCOUNT IN RESPECT OF PROVISION ON NPA IN CASE OF URBAN BANKS. WHETHER THE PROVISION ON NPA DEBITED TO PROFIT AND LOSS ACCOUNT IS TO BE ADDED BACK OR NOT WHILE COMPUTING THE TAXABLE INCOME OF AN URBAN BANK LTD.
PLEASE REPLY AS EARLY AS POSSIBLE.
Provision made in respect of non – performing assets is not deductible from business income – Indbank Merchant Banking Services Limited v. CIT (2011) 334 ITR 271 (Mad.).
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