AO Cannot Override Assessee’s Section 36(1)(vii-a) Bad Debt Deduction Option: Madras HC

Indian Bank Vs ACIT (Madras High Court) Section 36(1)(vii-a) Deduction Cannot Be Denied After Assessee Exercises Statutory Option; HC Allows Bank’s Bad Debt Deduction Claim Due to Exclusive Right of Option; Rectification Under Section 154 Cannot Curtail Assessee’s Choice Under Section 36(1)(vii-a);Madras High Court Rejects Revenue Interpretation of ‘At Its Option’ in Bad Debt Deduction Case.  In, the appeal before the Madras High Court concerned the interpretation of Section 36(1)(vii-a) of the Income Tax Act, 1961, relating to deductions for bad and doubtful debts claimed by a nation...