Co-op banks eligible for provisions for standard assets and bad & doubtful debts

ITO Vs Latur District Central Co-Op Bank Ltd Latur District Central Co-Op Bank Ltd (ITAT Pune) A significant tax dispute involving a co-operative bank and the Income Tax Department has concluded with the dismissal of the Revenue’s appeal. The case centered on the bank’s claim for deductions related to provisions for standard assets and bad and doubtful debts, amounting to Rs. 7,19,89,000/- for Assessment Year 2018-19. The Revenue had challenged the order of the Commissioner of Income Tax (Appeals) [CIT(A)], which had previously deleted the disallowance made by the Assessing Officer...