https://www.taxtmi.com/caselaws?id=437261 A banking assessee's provision for standard assets was held eligible in principle as a deduction under section 36(1)(viia) because such provisioning can fall within bad and doubtful debts in banking business when made under regulatory guidelines; however, the claim was remitted for verification of whether it stayed within the statutory ceiling. Claims for provisions or transfers to funds and statutory appropriations were also not finally allowed, because deductibility depended on whether the amounts had ceased to remain under the assessee's control by operation of law or represented actual business expenditure; the matter was remanded for fresh factual examination of each item and its eligibility. en-us Fri, 28 Apr 2023 00:00:00 +0530 Sat, 25 Nov 2023 12:17:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=437261 A banking assessee's provision for standard assets was held eligible in principle as a deduction under section 36(1)(viia) because such provisioning can fall within bad and doubtful debts in banking business when made under regulatory guidelines; however, the claim was remitted for verification of whether it stayed within the statutory ceiling. Claims for provisions or transfers to funds and statutory appropriations were also not finally allowed, because deductibility depended on whether the amounts had ceased to remain under the assessee's control by operation of law or represented actual business expenditure; the matter was remanded for fresh factual examination of each item and its eligibility. Case-Laws Income Tax Fri, 28 Apr 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=437261