https://www.taxtmi.com/caselaws?id=249875 The High Court affirmed the ITAT's decision to allow the deduction for bad debts claimed by the cooperative bank, based on the legal principles established by the Supreme Court. The court emphasized that writing off bad debts in the books entitles the bank to deduction under section 36(1)(vii) without the need to close individual debtor accounts. Additionally, the court held that Rule 8D of the Income Tax Rules was not applicable for the relevant assessment year, directing a fresh decision in line with the law and granting a hearing to the assessee. en-us Mon, 30 Jun 2014 00:00:00 +0530 Sun, 27 Jul 2014 10:19:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=249875 The High Court affirmed the ITAT's decision to allow the deduction for bad debts claimed by the cooperative bank, based on the legal principles established by the Supreme Court. The court emphasized that writing off bad debts in the books entitles the bank to deduction under section 36(1)(vii) without the need to close individual debtor accounts. Additionally, the court held that Rule 8D of the Income Tax Rules was not applicable for the relevant assessment year, directing a fresh decision in line with the law and granting a hearing to the assessee. Case-Laws Income Tax Mon, 30 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=249875