https://www.taxtmi.com/caselaws?id=306130 Diminution in value of government securities reclassified from held to maturity to available for sale was treated as deductible, because the securities had to be marked to market at year-end under the applicable banking framework; the premium element embedded in cost was not separately deductible. A co-operative bank was held eligible for deduction under section 36(1)(viia) on provisions for bad and doubtful debts relating to rural branch advances, in line with the amended statutory scheme. Amounts transferred to a statutory bad debts reserve under the Gujarat Co-operative Societies Act were also allowed as a deduction, since the transfer was a mandatory appropriation from profits and book nomenclature was not controlling. en-us Thu, 23 Jun 2022 00:00:00 +0530 Wed, 11 Jan 2023 20:37:08 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=306130 Diminution in value of government securities reclassified from held to maturity to available for sale was treated as deductible, because the securities had to be marked to market at year-end under the applicable banking framework; the premium element embedded in cost was not separately deductible. A co-operative bank was held eligible for deduction under section 36(1)(viia) on provisions for bad and doubtful debts relating to rural branch advances, in line with the amended statutory scheme. Amounts transferred to a statutory bad debts reserve under the Gujarat Co-operative Societies Act were also allowed as a deduction, since the transfer was a mandatory appropriation from profits and book nomenclature was not controlling. Case-Laws Income Tax Thu, 23 Jun 2022 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=306130