https://www.taxtmi.com/caselaws?id=422364 A co-operative urban bank is outside the scope of the first proviso to section 36(1)(viia), which refers only to scheduled and non-scheduled banks; deduction for provision for bad and doubtful debts or standard assets was therefore not allowable and the disallowance was sustained. Loss on sale of government securities held in the Available for Sale category was allowable as a trading loss because banking norms recognise that category and CBDT Instruction No. 17/2008 supported deduction of the net loss arising in the course of banking business; the appellate relief on that issue was upheld. en-us Wed, 11 May 2022 00:00:00 +0530 Fri, 13 May 2022 07:52:14 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=422364 A co-operative urban bank is outside the scope of the first proviso to section 36(1)(viia), which refers only to scheduled and non-scheduled banks; deduction for provision for bad and doubtful debts or standard assets was therefore not allowable and the disallowance was sustained. Loss on sale of government securities held in the Available for Sale category was allowable as a trading loss because banking norms recognise that category and CBDT Instruction No. 17/2008 supported deduction of the net loss arising in the course of banking business; the appellate relief on that issue was upheld. Case-Laws Income Tax Wed, 11 May 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=422364