Case Law Details
Case Name : The Kannur Dist. Co-op Bank Ltd. Vs. ACIT (ITAT Cochin)
Related Assessment Year : 2007-08
Courts :
All ITAT ITAT Cochin
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In this appeal, the only issue urged by the assessee is whether the AO was justified in netting the provision made for bad and doubtful debts, i.e. netting of new provision made during the year under consideration and the provision of earlier years written back during the year. As stated earlier, it will only be an academic exercise to address this issue.
Nevertheless, since both the tax authorities have dealt with this issue, we also proceed to decide the same. During the year under consideration, the assessee created net provision of Rs.7.35 crores, i.e., it created a new provision for bad a...
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Good case law on doubtful and bad debts