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Provision for Standard Assets allowable under Section 36(1)(viia) of Income Tax Act
Case Law Details
- Case Name
- ACIT Vs Jila Sahakari Kendriya Bank (ITAT Indore)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2014-15
- Courts
- All ITAT, ITAT Indore
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ACIT Vs Jila Sahakari Kendriya Bank (ITAT Indore)
ITAT Indore holds Provision for Standard Assets as Allowable Deduction under Section 36(1)(viia) of Income Tax Act, 1961
Facts:
The assessee had claimed a total deduction of Rs. 10,00,00,000/- u/s 36(1)(viia) under two captions, namely :
1. Provision for Non-Performing Assets – Rs. 5 crores; and
2. Provision for standard assets – Rs. 5 crores.
The Ld. AO after analysing section 36(1)(viia) of the income tax framed a view that: “Provision for NPA” is a provision for bad-debt and therefore allowable as deduction; but “Provision f...
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