Banks eligible to claim both deduction for bad debts and provision for bad and doubtful debts

Catholic Syrian Bank Ltd Vs. CIT (Supreme Court)

Banks eligible to claim deduction for bad debts u/s 36(1)(vii) in respect of advances and also claim provision for bad and doubtful debts u/s 36(1)(viia)

Under Section 36(1) (vii) of the ITA 1961, the tax payer carrying on business is entitled to a deduction, in the computation of taxable profits, of the amount of any debt which is established to have become a bad debt during the previous year, subject to certain conditions. However, a

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