Bad Debt is allowable irrespective of provision for bad and doubtful debts created by Bank -SC

SUPREME COURT OF INDIA Deputy Commissioner of Income tax v/s. Karnataka Bank Ltd. S.L.P. (C) Nos. 4380 & 4381 of 2009 & 6658 of 2010 civil appeal nos. 6164, 6166 & 6167 of 2012 AUGUST 29, 2012 ORDER Delay condoned. Leave granted. The civil appeals are dismissed. No order as to costs. ORDER Heard learned counsel on both sides. Delay condoned. Leave granted. The issue involved in these cases is covered in favour of the assessee vide judgment of this Court in the case of Catholic Syrian Bank Ltd. v. Commissioner of Income-Tax, reported in [2012] 343 ITR 270. The civil...