Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
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Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
Section 36(1)(viia) allows deduction only for a provision for bad and doubtful debts actually made in the bank's books and within the statutory ceiling linked to total income and average rural advances. For the years in question, the provision need not follow any separate Income-tax Act method of quantification, and RBI prudential norms govern provisioning, including a general provision on standard assets because they still carry credit risk. The earlier proviso relating to doubtful or loss assets was confined to specified earlier assessment years and did not exclude standard assets here. The Special Bench answered the reference for the assessee and held that provision on standard assets made in accordance with RBI norms qualified for deduction, subject to the books and ceiling requirements.
Section 36(1)(viia) allows deduction only for a provision for bad and doubtful debts actually made in the bank's books and within the statutory ceiling linked to total income and average rural advances. For the years in question, the provision need not follow any separate Income-tax Act method of quantification, and RBI prudential norms govern provisioning, including a general provision on standard assets because they still carry credit risk. The earlier proviso relating to doubtful or loss assets was confined to specified earlier assessment years and did not exclude standard assets here. The Special Bench answered the reference for the assessee and held that provision on standard assets made in accordance with RBI norms qualified for deduction, subject to the books and ceiling requirements.
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