https://www.taxtmi.com/caselaws?id=758477 ITAT Hyderabad dismissed assessee bank's claim for deduction under section 36(1)(viia) as no provision for bad and doubtful debts was made in books of accounts, which is mandatory. However, additional ground regarding deduction under section 36(1)(vii) for bad debts actually written off was remanded to AO for fresh examination. Issue regarding profit on sale of investment was remanded to AO to decide on merits after allowing assessee opportunity to produce documentary evidence. Depreciation claim on investments treated as current assets was dismissed. Matter regarding classification of investments as stock-in-trade was remanded to AO for verification per CBDT circular 665 dated 03/10/1993. en-us Mon, 29 Jul 2024 00:00:00 +0530 Sat, 14 Sep 2024 08:24:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758477 ITAT Hyderabad dismissed assessee bank's claim for deduction under section 36(1)(viia) as no provision for bad and doubtful debts was made in books of accounts, which is mandatory. However, additional ground regarding deduction under section 36(1)(vii) for bad debts actually written off was remanded to AO for fresh examination. Issue regarding profit on sale of investment was remanded to AO to decide on merits after allowing assessee opportunity to produce documentary evidence. Depreciation claim on investments treated as current assets was dismissed. Matter regarding classification of investments as stock-in-trade was remanded to AO for verification per CBDT circular 665 dated 03/10/1993. Case-Laws Income Tax Mon, 29 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758477