https://www.taxtmi.com/caselaws?id=236110 The Tribunal dismissed the appeal by a co-operative bank, ruling that deductions claimed under Section 36(1)(viia) of the Income Tax Act were not allowable beyond Rs.1,00,00,000 already permitted. The disallowance was based on provisions not meeting statutory requirements, including those made against standard assets and alleged double deductions. The decision emphasized the distinction between provisions for bad and doubtful debts and reserves, highlighting that transfers between reserves do not qualify for additional deductions. The Tribunal's judgment relied on statutory language, accounting principles, and judicial precedents in denying further deductions. en-us Fri, 26 Jul 2013 00:00:00 +0530 Wed, 14 Aug 2013 13:39:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=236110 The Tribunal dismissed the appeal by a co-operative bank, ruling that deductions claimed under Section 36(1)(viia) of the Income Tax Act were not allowable beyond Rs.1,00,00,000 already permitted. The disallowance was based on provisions not meeting statutory requirements, including those made against standard assets and alleged double deductions. The decision emphasized the distinction between provisions for bad and doubtful debts and reserves, highlighting that transfers between reserves do not qualify for additional deductions. The Tribunal's judgment relied on statutory language, accounting principles, and judicial precedents in denying further deductions. Case-Laws Income Tax Fri, 26 Jul 2013 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=236110