INCOME TAX ACT, 1961

Section 36(1)(vii)

Business deduction under section 36(1)(vii) - Bad debts - Provision for bad debts in respect of non-rural branches -

Assessee-bank claimed that provision for bad debts in respect of non-rural branches had to be allowed as bad debts written off under section 36(1)(vii). AO denied this.Held: Provision for bad debts in respect of non-rural branches had to be allowed as bad debts written off under section 36(1)(vii).

Relied:Vijaya Bank (2010) 323 ITR 166 (SC) : 2010 TaxPub(DT) 1825 (SC) & Catholic Syrian Bank Ltd. (2012) 343 ITR 270 (SC) : 2012 TaxPub(DT) 1623 (SC).

REFERRED :

FAVOUR : In assessee's favour.

A.Y. : 2008-09 & 2012-13

INCOME TAX ACT, 1961

Section 32(1)

SUBSCRIBE FOR FULL CONTENT