Amendment to proviso to section 36(1)(vii) with retrospective effect - Review of cases of Public Financial Institutions, State Financial Corporation and State Industrial Investment Corporation where effect to this proviso has not been given.

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....on 36(1)(vii) with retrospective effect - Review of cases of Public Financial Institutions, State Financial Corporation and State Industrial Investment Corporation where effect to this proviso has not been given -regarding. Under section 36(1)(vii) of the Income tax Act, 1961 (herein after called 'the Act'); any bad debt or part thereof which is written off as irrecoverable in the accounts of the....

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....(except those incorporated outside India). 3. The Finance Act, 1997 has amended the proviso to section 36(1)(vii) of the Act with retrospective effect from 1.4.92. The amended provisions have been made applicable to all the assessees mentioned in para (2) above in respect of whom clause (viia) of section 36(1) of the Act applies instead of only to a bank as it stood prior to amendment. 4. The pr....