Rural Advances shown in HO accounts eligible for deduction u/s 36(1)(viia)

ACIT Vs Dharmapuri District Central Co-operative Bank Ltd. (ITAT Chennai)

The material facts are that during assessment proceedings, the assessee’s claim of deduction u/s 36(1)(viia) was examined by Ld. AO. As per the statutory provisions, the assessee was entitled to claim deduction for an amount not exceeding 7.5% of total income and an amount not exceeding 10% of aggregate average advances made by the rural branches of the bank. The assessee claimed deduction of Rs.578.74 Lacs. However, in the revised c

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