Bad debts written off by non-rural branches u/s. 36(1)(vii) are allowable

Canara Bank Vs DCIT (ITAT Bangalore)

ITAT Bangalore held that assessee is eligible to avail deduction of an amount representing actual write off in the books of account of bad debts relating to nonrural/urban advances in terms with section 36(1)(vii), as proviso to the said section would not apply to non-rural advances.

Facts- The assessee filed its return of income on 28.11.2016 declaring total income of Rs.101,07,97,040. The case was selected for scrutiny and assessment

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