https://www.taxtmi.com/caselaws?id=339310 The appellate tribunal upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] in favor of the assessee, a cooperative bank, allowing the deduction for bad debts under section 36(1)(vii) of the Income Tax Act. The tribunal emphasized the assessee's adherence to RBI guidelines in creating provisions for bad debts, despite not being eligible for deduction under section 36(1)(viia) until a specific assessment year. The tribunal also cited a Delhi Tribunal precedent to support its ruling, ultimately dismissing the revenue's appeal due to the lack of contradictory legal precedent. en-us Wed, 15 Feb 2017 00:00:00 +0530 Fri, 24 Feb 2017 12:26:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=339310 The appellate tribunal upheld the decision of the Commissioner of Income Tax (Appeals) [CIT(A)] in favor of the assessee, a cooperative bank, allowing the deduction for bad debts under section 36(1)(vii) of the Income Tax Act. The tribunal emphasized the assessee's adherence to RBI guidelines in creating provisions for bad debts, despite not being eligible for deduction under section 36(1)(viia) until a specific assessment year. The tribunal also cited a Delhi Tribunal precedent to support its ruling, ultimately dismissing the revenue's appeal due to the lack of contradictory legal precedent. Case-Laws Income Tax Wed, 15 Feb 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=339310