Case Law Details
Case Name : District Co-operative Central Bank Ltd. Vs ACIT (ITAT Bengalore)
Related Assessment Year : 2010-11
Courts :
All ITAT ITAT Bangalore
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District Co-operative Central Bank Ltd. Vs ACIT (ITAT Bengalore)
Conclusion: Reassessment beyond four years was not valid in the absence of failure on part of assessee to fully and truly disclose all material facts necessary for assessment.
Held: Assessee claimed deduction of Rs.3,50,00,000/- u/s 36(1)(viia). However, assessee debited only Rs.3,00,00,000/- to the profit and loss account towards Provision for Bad and Doubtful Debts. Assessee considered Provision for Standard Assets of
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