Revision u/s 263 by CIT - deduction u/s 36(1)(viia) - Provision ...

Case Laws Income Tax

July 20, 2023

Revision u/s 263 by CIT - deduction u/s 36(1)(viia) - Provision for bad debts - Once a provision, under whatever name, is debited in the profit and loss account, then it is can be allowed, provided it is within the limits specified. None of the lower authorities had carefully gone into nature of the debits. It was for the assessee to show that these were indeed provisions for bad and doubtful debts. - AT

View Source

← Previous Next →

Revision u/s 263 by CIT - deduction u/s 36(1)(viia) - Provision ...

Case Laws Income Tax

July 20, 2023

You may also like:

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...

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...

Bad & doubtful debt or mere Provisions were made - provisions u/s.36(1) (vii) and 36(1) (viia) are separate and independent to each other - CIT(A) has rightly observed...

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...

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...

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...

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...

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

Disallowance of provision for Bad Debt Written off - provision made by the assessee for bad and doubtful debts is only a provision, but not actual written off of bad...

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

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 and doubtful debts written off disallowed – provision for bad and doubtful debts cannot be allowed u/s 36(1)(vii) - AT

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...

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...

Quick Updates: