ITAT says RBI Classification Cannot Restrict Section 36(1)(viia) Deduction

The Tribunal held that the Income-tax Act and RBI prudential norms operate in different fields. While RBI norms govern banking regulation and financial reporting, Section 36(1)(viia) permits deduction for provision for bad and doubtful debts and does not restrict it only to NPAs. The actual quantum, however, must still satisfy the statutory limits and requires verification.