Benefit of deduction of 7.5% of total income available to co-operative banks u/s. 36(1)(viia)

Kodungallur Town Co-op Bank Ltd Vs ACIT (ITAT Cochin) ITAT Cochin held that benefit of deduction of 7.5% of the total income is available to co-operative banks under clause (viia) of section 36(1) of the Income Tax Act. Facts- The assessee is a cooperative bank. For the relevant assessment year, the assessment u/s 143(3) of the Act was completed vide order dated 5.3.2013 fixing the total income at Rs. 4,37,29,894/-. The assessee had claimed deduction in respect of ‘provision for bad and doubtful debts’ amounting to Rs. 6,88,42,638/- u/s 36(1)(viia)(a) of the Act. When the assessment u/s 14...