Bombay High Court Allows Deduction for Bad Debts and Provision for Bad Debts Under Sections 36(1)(vii) and 36(1)(viia) of Income-tax Act, 1961 — Independent Deductions Permitted Without Double Deduction. The Court held that the two deductions are independent and the proviso to Section 36(1)(vii) only limits the deduction under that clause to the extent the bad debt exceeds the credit balance in the provision account made under Section 36(1)(viia).
19 Sep 2024The case involves two appeals by the assessee, The United Western Bank Ltd. (merged with Industrial Development Bank of India), against the order of t...
