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I-T Act clause triggers a row in MSME sector

The recent addition of clause ‘h’ to Section 43B of the Income Tax Act has stirred up considerable debate within Indias MSME sector The latest insertion of the new clause ‘h’ to Section 43B of the Income Tax Act is making quite some feathers in the MSME sector in India. According to this
Manufacturing Or Service National Sample Ministry Of Statistics Programme Implementation Medium Enterprises Development Income Tax Act Medium Enterprises Development Act

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Banks, NBFCs not bound to take revival measures for MSME before declaring it NPA: Bombay High Court

The Court held that such a process under the MSMED Act could only be carried out on an application by an MSME. It rejected an argument by MSMEs that banks/NBFCs should mandatorily first adopt such restructuring measures.
Advait Sethna Mathews Nedumpara Medium Enterprises Development High Court Medium Enterprises Development Act Special Mention Accounts

Banks/NBFCs Not Obliged To Initiate Restructuring Process Before Classifying MSME Account As NPA Sans Application From MSME: Bombay High Court

The Bombay High Court recently held that banks and non-banking financial companies (NBFCs) are not obligated to initiate restructuring process before classifying accounts of Micro, Small, and Medium...
Advait Sethna Mathews Nedumpara Court Ruling Medium Enterprises Development Respondent Bank Submissions Union Of India Submissions
Source: livelaw.in

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