https://www.taxtmi.com/caselaws?id=772459 ITAT Surat held that the assessee bank was entitled to deduction under section 36(1)(viia) for provisions for bad and doubtful debts. The tribunal ruled that the 7.5% component of this deduction is independently available to eligible banks regardless of having rural branches, citing SC precedents in Catholic Syrian Bank and Karnataka Bank cases. The bank was allowed deduction of Rs. 2,09,11,408 against its claimed Rs. 50,00,000. Additionally, ITAT allowed deduction under section 36(1)(viii) for special reserve, finding the assessee fulfilled all four statutory conditions including being a cooperative bank engaged in banking business providing long-term finance. en-us Thu, 05 Jun 2025 00:00:00 +0530 Mon, 09 Jun 2025 07:29:45 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772459 ITAT Surat held that the assessee bank was entitled to deduction under section 36(1)(viia) for provisions for bad and doubtful debts. The tribunal ruled that the 7.5% component of this deduction is independently available to eligible banks regardless of having rural branches, citing SC precedents in Catholic Syrian Bank and Karnataka Bank cases. The bank was allowed deduction of Rs. 2,09,11,408 against its claimed Rs. 50,00,000. Additionally, ITAT allowed deduction under section 36(1)(viii) for special reserve, finding the assessee fulfilled all four statutory conditions including being a cooperative bank engaged in banking business providing long-term finance. Case-Laws Income Tax Thu, 05 Jun 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772459