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Government securities held to maturity by a bank are treated as stock-in-trade and may be valued at cost or market value, whichever is lower. Resulting revaluation loss is deductible. Bad debts actually written off in respect of non-rural advances remain deductible despite a provision for bad and doubtful debts relating to rural advances. The proviso to section 36(1)(vii) prevents double deduction for rural advances but does not restrict deductions for actual write-offs of non-rural debts.
Government securities held to maturity by a bank are treated as stock-in-trade and may be valued at cost or market value, whichever is lower. Resulting revaluation loss is deductible. Bad debts actually written off in respect of non-rural advances remain deductible despite a provision for bad and doubtful debts relating to rural advances. The proviso to section 36(1)(vii) prevents double deduction for rural advances but does not restrict deductions for actual write-offs of non-rural debts.
Note: It is a system-generated summary and is for quick reference only.
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TaxTMI 
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