https://www.taxtmi.com/circulars?id=4889 Banks may claim a deduction for provision for bad debts up to ten per cent of the aggregate average advances made by their rural branches as defined in Explanation (ia) to section 36(1)(viia). The Board found claims allowed without verifying rural-branch eligibility, causing under-assessment. Assessing Officers must verify (by test check) that branches qualify as rural branches before allowing deduction and should review completed assessments and take remedial action where necessary. en-us Thu, 31 Jul 2008 00:00:00 +0530 Mon, 04 Aug 2008 15:42:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=4889 Banks may claim a deduction for provision for bad debts up to ten per cent of the aggregate average advances made by their rural branches as defined in Explanation (ia) to section 36(1)(viia). The Board found claims allowed without verifying rural-branch eligibility, causing under-assessment. Assessing Officers must verify (by test check) that branches qualify as rural branches before allowing deduction and should review completed assessments and take remedial action where necessary. Circulars Income Tax Thu, 31 Jul 2008 00:00:00 +0530 https://www.taxtmi.com/circulars?id=4889