Deduction u/s. 36(1)(viia) without provision for bad & doubtful debts in books not allowable: ITAT Hyderabad

Andhra Pradesh State Cooperative Bank Limited Vs ACIT (ITAT Hyderabad)

ITAT Hyderabad held that deduction u/s. 36(1)(viia) of the Income Tax Act is not allowable in absence of any provision for bad and doubtful debts in the books of account.

Facts- The assessee is a Scheduled State Cooperative Bank for the State of Andhra Pradesh. The assessee filed its return of income for the AY 2009-10 on 30.09.2009 admitting a total income of Rs. 62,19,22,600/- . Subsequently, assessee filed a revised return of income on 30.03.2011, declaring a net loss of Rs.18,04,47,43

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