|
The Tax Publishers2020 TaxPub(DT) 1659 (Pune-Trib) INCOME TAX ACT, 1961
Section 36(1)(viia)
Assessee-bank without rural branches / advances, is entitled to deduction under section 36(1)(viia).
|
Business deduction under section 36(1)(viia) - Bad debts - Provision for bad and doubtful debts - Assessee without rural branches / advances
Assessee-bank claimed deduction of provision for bad and doubtful debts under section 36(1)(viia). AO rejected the said claim alleging that the section 36(1)(viia) would not apply to the assessee as the assessee was not having any rural branches/ rural advances. Held: In view of Tribunal decision in the case of Bhagni Nivedita Sahakari Bank Ltd. v. DCIT in 174 ITD 303 for assessment years 2007-08 to 2012-13, assessee-bank without rural branches / rural advances, would be entitled to deduction under section 36(1)(viia).
Followed:Bhagni Nivedita Sahakari Bank Ltd. v. DCIT reported in 174 ITD 303 for assessment years 2007-08 to 2012-13
REFERRED :
FAVOUR : In assessee's favour
A.Y. :
INCOME TAX ACT, 1961
Section 37(1)
SUBSCRIBE FOR FULL CONTENT |