Disallowance of bad debts as claimed u/s 36(1)(viia) - deduction ...

Eligibility for Bad Debt Deduction Hinges on Banking License Verification per Section 36(1)(viia), Says AO.

November 16, 2021

Case Laws Income Tax AT

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 , including , inter-alia, making enquiries from RBI to seek relevant information to arrive at decision whether the assessee will be eligible for deduction u/s 36(1)(viia). Thus , if it is found by AO after due verifications and enquiries that the assessee was granted banking license by RBI which covers relevant previous year 2009-10, then in our view the assessee will be eligible for deduction u/s 36(1)(viia) under both the limbs. - AT

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Disallowance of bad debts as claimed u/s 36(1)(viia) - deduction ...

Eligibility for Bad Debt Deduction Hinges on Banking License Verification per Section 36(1)(viia), Says AO.

November 16, 2021

Case Laws Income Tax AT

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