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2009 (9) TMI 954 - HC - Income TaxExtract: ....... so much so, Explanation to section 36(1)(vii) squarely applies or in other words, the appellant NBFCs are not entitled to deduction of any provision created for bad and doubtful debts, no matter such provision is created based on the guidelines issued by the RBI. Consequently, we uphold the order of the Tribunal and dismiss the Income-tax Appeals.
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