https://www.taxtmi.com/caselaws?id=470512 Technical write-offs of bad debts relating to non-rural advances are deductible without adjustment against the provision for bad and doubtful debts, as the two deductions operate independently. Provision for bad and doubtful debts must be calculated using aggregate average outstanding rural advances: monthly closing advances for each rural branch are aggregated, averaged and then combined, rather than limited to fresh advances made during the year. Minimum alternate tax does not apply to a nationalised corresponding new bank that is not formed or registered under the Companies Act, notwithstanding its deemed Indian-company status for specified income-tax purposes. en-us Wed, 20 Nov 2024 00:00:00 +0530 Wed, 29 Jul 2026 18:59:51 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=470512 Technical write-offs of bad debts relating to non-rural advances are deductible without adjustment against the provision for bad and doubtful debts, as the two deductions operate independently. Provision for bad and doubtful debts must be calculated using aggregate average outstanding rural advances: monthly closing advances for each rural branch are aggregated, averaged and then combined, rather than limited to fresh advances made during the year. Minimum alternate tax does not apply to a nationalised corresponding new bank that is not formed or registered under the Companies Act, notwithstanding its deemed Indian-company status for specified income-tax purposes. Case-Laws Income Tax Wed, 20 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=470512