Deduction u/s 36(1)(viia) - double deduction - The assessee ...

Deductions for Bad Debts u/s 36(1)(viia) Limited by Rule 6ABA to Prevent Double Claims.

May 15, 2018

Case Laws Income Tax HC

Deduction u/s 36(1)(viia) - double deduction - The assessee might provide for bad and doubtful debts but the deduction would only be allowed at the percentage of aggregate average advance, computation of which is prescribed by Rule 6ABA. - HC

View Source

← Previous Next →

Deduction u/s 36(1)(viia) - double deduction - The assessee ...

Deductions for Bad Debts u/s 36(1)(viia) Limited by Rule 6ABA to Prevent Double Claims.

May 15, 2018

Case Laws Income Tax HC

You may also like:

A bank is eligible to claim deduction towards provision for bad and doubtful debts u/s 36(1)(viia), irrespective of whether it has rural or non-rural advances. The...

The case pertains to deductions claimed by the assessee u/ss 36(1)(vii) and 36(1)(viia) of the Income Tax Act for amounts written off by rural branches and the...

Deduction u/s 36(1)(viia) of the Act - Provision for bad and doubtful debts - provision for bad and doubtful debts newly created during the year under consideration...

Disallowance of bad debts as claimed u/s 36(1)(viia) - deduction claimed @10% of aggregate average advances - AO is directed to make relevant enquires and verifications...

Bad debts claimed should be set off against the opening balance available in the “Provision for bad and doubtful debts” account created u/s. 36(1)(viia) and the balance...

Deduction towards Provision for bad debts - Addition u/s 36(1)(vii) - The ITAT found that the assessee had made a provision for bad debts but had not actually written...

The assessee claimed excess deduction u/s 36(1)(viia) for provision for bad and doubtful debts, leading to escapement of income. The Assessing Officer rightly formed the...

Disallowance u/s 36(1)(vii) - bad debt claim in respect of identified debts - The Tribunal found no flaw in the information provided by the assessee regarding the bad...

Bad debts versus Provisions for bad and doubtful debts - provisions of Sections 36(1)(vii) and 36(1)(viia) are distinct and independent items of deduction and operate in...

Deemed income / addition u/s 41(1) - Recovery of bad debts written off - the bad debts written off did not exceed the credit balance in provision for bad and doubtful...

Advances made to rural branches of bank – Whether deduction u/s 36(1)(viia) can exceed the amount of provision for bad and doubtful debts - Held no - AT

Claim u/s 36(1)(viia) restricted only for provision for rural debts - AT

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...

Disallowance of deduction claimed u/s 36(1)(vii) was set aside, allowing bad debts relating to non-rural branches without adjusting against provision for bad and...

Disallowance u/s. 36(1)(viia) - advances from their Rural Branches - deduction u/s 36(1)(viia) is to be allowed only on the amount of provision made for bad and doubtful...

Quick Updates: