https://www.taxtmi.com/caselaws?id=759199 The ITAT Rajkot allowed the assessee bank's appeal regarding deduction for provision for bad and doubtful debts under section 36(1)(viia). The tribunal held that banks are entitled to claim deduction up to 7.5% of total income for provisions made in books, regardless of whether advances are rural or non-rural. The presence of both rural and non-rural advances is not mandatory for eligibility. The only requirement is that provision for bad and doubtful debts must be created in the books of account. The addition made by the assessing officer was deleted. en-us Fri, 30 Aug 2024 00:00:00 +0530 Wed, 25 Sep 2024 11:59:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=759199 The ITAT Rajkot allowed the assessee bank's appeal regarding deduction for provision for bad and doubtful debts under section 36(1)(viia). The tribunal held that banks are entitled to claim deduction up to 7.5% of total income for provisions made in books, regardless of whether advances are rural or non-rural. The presence of both rural and non-rural advances is not mandatory for eligibility. The only requirement is that provision for bad and doubtful debts must be created in the books of account. The addition made by the assessing officer was deleted. Case-Laws Income Tax Fri, 30 Aug 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=759199