Bad debts relating to non-rural branches are allowable u/s 36(1)(vii)

Bank of Baroda Vs ACIT (ITAT Bangalore) ITAT Bangalore held that bad debts relating to non-rural branches are allowable under section 36(1)(vii) of the Income Tax Act. Facts- The assessee, a leading bank in Karnataka has filed its return of income on 28.09.2015 for AY 2015-16 declaring total income at ‘Nil’. The assessee filed revised income by declaring total income at Nil by making additional claim of 200/- crores under Section 36(1)(vii) of the Income Tax Act, 1961 (the Act). The case was selected for scrutiny under CASS and notice under Section 143(2) of the Act dated 13.04.2016 was is...