Supreme Court Clarifies Distinction Between Bad Debts and Provisions in Rural Banking Under Income Tax Act Section 36(1)(vii.

Bad debts versus Provisions for bad and doubtful debts - rural banking - Scope and ambit of the proviso to Section 36(1)(vii) - provisions of Sections 36(1)(vii) and 36(1)(viia) are distinct and independent items of deduction and operate in their respective fields - SC .....

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