Authentication of paper assessment orders upheld, while qualifying repairs, consumables and vendor advance write-offs remain deductible business claim...
Transaction value cannot be rejected solely on non-statutory valuation guidelines without corroborative evidence supporting reassessment of final cust...
Cross-examination rights and corroborated evidence limit customs penalties for misdeclaration in genuine import transactions involving documented clea...
Tariff classification of vehicle gear components follows the specific gearing entry, displacing motor-vehicle parts classification and related liabili...
A bank is eligible to claim deduction towards provision for bad and doubtful debts u/s 36(1)(viia), irrespective of whether it has rural or non-rural advances. The presence of both rural and non-rural advances is not mandatory. The assessing officer must consider the actual provision made in the books for bad and doubtful debts, regardless of the nature of advances. The deduction is allowed subject to the permissible upper limits specified in Section 36(1)(viia)(a). All types of banks described under sub-clause (a) of clause (viia) are entitled to seek deduction of an amount not exceeding the prescribed percentage of total income, provided there is a provision for bad and doubtful debts in the books of account. The existence of rural branches is not a condition for availing the deduction up to the specified percentage of total income.
A bank is eligible to claim deduction towards provision for bad and doubtful debts u/s 36(1)(viia), irrespective of whether it has rural or non-rural advances. The presence of both rural and non-rural advances is not mandatory. The assessing officer must consider the actual provision made in the books for bad and doubtful debts, regardless of the nature of advances. The deduction is allowed subject to the permissible upper limits specified in Section 36(1)(viia)(a). All types of banks described under sub-clause (a) of clause (viia) are entitled to seek deduction of an amount not exceeding the prescribed percentage of total income, provided there is a provision for bad and doubtful debts in the books of account. The existence of rural branches is not a condition for availing the deduction up to the specified percentage of total income.
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