https://www.taxtmi.com/caselaws?id=198651 The ITAT COCHIN set aside the CIT's order under section 263 of the IT Act, ruling in favor of the cooperative bank. The ITAT determined that the deduction claimed for bad and doubtful debts was valid, emphasizing that cooperative banks were entitled to such deductions under section 36(1)(viia)(a) without the requirement of rural branches. The decision highlighted the legislative intent and relevant legal precedents, concluding that the CIT's revisionary jurisdiction was unwarranted in this case. The appeal was allowed, and the order was pronounced in favor of the cooperative bank on July 18, 2016. en-us Mon, 18 Jul 2016 00:00:00 +0530 Wed, 07 Feb 2018 07:22:21 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=198651 The ITAT COCHIN set aside the CIT's order under section 263 of the IT Act, ruling in favor of the cooperative bank. The ITAT determined that the deduction claimed for bad and doubtful debts was valid, emphasizing that cooperative banks were entitled to such deductions under section 36(1)(viia)(a) without the requirement of rural branches. The decision highlighted the legislative intent and relevant legal precedents, concluding that the CIT's revisionary jurisdiction was unwarranted in this case. The appeal was allowed, and the order was pronounced in favor of the cooperative bank on July 18, 2016. Case-Laws Income Tax Mon, 18 Jul 2016 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=198651