The Income Tax Appellate Tribunal held that the assessee is...

The Income Tax Appellate Tribunal held that the assessee is eligible to claim set-off of accumulated loss and unabsorbed depreciation u/s 72AB of the Income Tax Act after fulfilling the prescribed conditions related to merger. The Assessing Officer erred in interpreting that the claim could be made only after completion of the mandatory period. The Tribunal directed to allow the claim in accordance with Section 72AB. Regarding disallowance u/s 36(1)(viia), the Tribunal relied on its earlier order and held that the assessee, being a cooperative bank, is entitled to deduction for provision for bad and doubtful debts irrespective of rural or non-rural advances, subject to the statutory limit. The Revenue's appeal was dismissed.