ITAT Delhi Allows Bad Debts Claimed by Oriental Bank of Commerce

Oriental Bank of Commerce Vs ACIT (ITAT Delhi) The recent decision by the Income Tax Appellate Tribunal (ITAT) Delhi in the case of Oriental Bank of Commerce vs. ACIT (ITAT Delhi) has significant implications for the treatment of bad debts claimed by the bank under section 36(1)(vii) of the Income Tax Act, 1961. The appeal pertained to the Assessment Year 2017-18 and was filed against the order of the Commissioner of Income Tax (Appeals) [CIT(A)]. The crux of the matter revolved around the disallowance of a bad debts claim amounting to Rs. 4545.89 crores under section 36(1)(vii) by the Assessi...