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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....October 25, 1999 Subject:- 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 -regarding. Under section 36(1)(vii) of the Income tax Act, 1961 (herein after called 'the Act'); any bad debt or part thereof....

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....the case of rural branches of scheduled and non-scheduled bank (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 ins....