Deduction u/s 36(1)(viia) is available on total outstanding advances at the end of each month including opening balances

State Bank of India Vs ACIT (ITAT Mumbai)

ITAT Mumbai held that deduction u/s 36(1)(via) is to be allowed on the total outstanding advances at the end of each month considering the opening balances.

Facts-

The assessee is a scheduled bank and has claimed deduction u/s. 36(1)(viia) of the Act in respect of provision made for bad and doubtful debts. The assessee, while claiming aforesaid deduction u/s. 36(1)(viia) of the Act, calculated the ‘aggregate monthly averag

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