https://www.taxtmi.com/caselaws?id=765405 A reserve entry could not be treated as a provision for bad and doubtful debts, so deduction under section 36(1)(viia) was denied because the assessee had not created the requisite qualifying provision. By contrast, fixed deposits placed by a bank in the ordinary course of banking were treated as business assets, and the write-off of deposits with a co-operative bank after cancellation of its licence was regarded as a business loss. The claim was not sustainable under section 36(1)(vii), but relief was allowed to the extent the loss was actually incurred in the course of business. en-us Thu, 05 Dec 2024 00:00:00 +0530 Fri, 31 Jan 2025 07:54:25 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=765405 A reserve entry could not be treated as a provision for bad and doubtful debts, so deduction under section 36(1)(viia) was denied because the assessee had not created the requisite qualifying provision. By contrast, fixed deposits placed by a bank in the ordinary course of banking were treated as business assets, and the write-off of deposits with a co-operative bank after cancellation of its licence was regarded as a business loss. The claim was not sustainable under section 36(1)(vii), but relief was allowed to the extent the loss was actually incurred in the course of business. Case-Laws Income Tax Thu, 05 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=765405