Standard assets of banks are not provision for bad and doubtful debts

IN THE ITAT CHENNAI BENCH ‘C’ Bharat Overseas Bank Ltd. Versus Commissioner of Income-tax IT APPEAL NO. 1191 (MDS.) OF 2012 [ASSESSMENT YEAR 2007-08] AUGUST 28, 2012 ORDER Abraham P. George, Accountant Member  In this appeal filed by the assessee, it assails an order dated 28.3.2012 under Section 263 of Income-tax Act, 1961 (in short ‘the Act’) passed by Commissioner of Income Tax, Chennai-I, Chennai, for the impugned assessment year. As per the assessee, Section 36(1)(viia) allowed deduction of any amount charged as ‘provision for bad and doubt...