https://www.taxtmi.com/caselaws?id=758959 The HC allowed the assessee's appeals regarding deductions under Section 36(1)(vii) and 36(1)(viia) for bad debts written off by rural branches. The court held that the assessee could legitimately claim deductions under both provisions simultaneously, as there was no infirmity in making independent provisions for bad and doubtful debts under clause (viia) while claiming benefits under clause (vii) in subsequent assessment years. The revenue failed to demonstrate that the assessee exceeded prescribed limits under the proviso. The court found the assessee's approach compliant with statutory requirements and answered the questions of law in favor of the assessee against the revenue. en-us Thu, 19 Sep 2024 00:00:00 +0530 Sat, 21 Sep 2024 08:00:05 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=758959 The HC allowed the assessee's appeals regarding deductions under Section 36(1)(vii) and 36(1)(viia) for bad debts written off by rural branches. The court held that the assessee could legitimately claim deductions under both provisions simultaneously, as there was no infirmity in making independent provisions for bad and doubtful debts under clause (viia) while claiming benefits under clause (vii) in subsequent assessment years. The revenue failed to demonstrate that the assessee exceeded prescribed limits under the proviso. The court found the assessee's approach compliant with statutory requirements and answered the questions of law in favor of the assessee against the revenue. Case-Laws Income Tax Thu, 19 Sep 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=758959