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 average advances’ by taking into consideration the outstanding balances of the previous month, i.e., the opening balance for computing...