Amendment to proviso to section 36(1)(vii) with retrospective effect - Review of cases of Public Financial Institutions, State Financial Corporation and State Industrial Investment Corporation where effect to this proviso has not been given.

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..... nt to proviso to section 36(1)(vii) with retrospective effect - Review of cases of Public Financial Institutions, State Financial Corporation and State Industrial Investment Corporation where effect to this proviso has not been given -regarding. Under section 36(1)(vii) of the Income tax Act, 1961 (herein after called 'the Act'); any bad debt or part thereof which is written off as irrecoverable .....

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..... and non-scheduled bank (except those incorporated outside India). 3. The Finance Act, 1997 has amended the proviso to section 36(1)(vii) of the Act with retrospective effect from 1.4.92. The amended provisions have been made applicable to all the assessees mentioned in para (2) above in respect of whom clause (viia) of section 36(1) of the Act applies instead of only to a bank as it stood prior .....

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..... Commissioners/Commissioners of Income tax may ensure that Assessing Officers review all such cases of public financial institutions, state financial corporations and state industrial investment corporations where amended provision of section 36(1)(vii) of the Act were not given effect to in assessment year 1992-93 and subsequent years and take remedial action as per law. 6. This may be brought .....

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