2015 (7) TMI 1280

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....aj Kumar, CIT, D.R., for the Department O R D E R Per P.K. Bansal: These appeals have been filed by the assessee against the orders of the Commissioner of Income Tax (Appeal s), Jalpaiguri dated 23.03.2012 and dated 24.09.2012 for the assessment years 2008-09 and 2009-10 respectively. 2. In both the appeal s, since the common issues are involved, we, therefore, decided to dispose of these a....

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.... with the order of tax authorities below. We have also gone through the Rule 6ABA. We noted that the CIT(Appeal s) while holding that the assessee after amendment of section 36(i)(viia)(a) from the assessment year 2007-08 is entitled to deduction of provision for bad and doubtful debts as under:- (i) 7.5% of the total income computed before ma king a deduction under this Clause and chapter-VI-A ....

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....uled bank shall be computed in the following manner, namely:- (a) The amounts of advances made by each rural branch as outstanding at the end of the last day of each month comprised in the previous year shall be aggregated separately; (b) The sum so arrived at in the case of each such branch shall be divided by the number of months for which the outstanding advances have been ta ken into accou....

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....he Assessing Officer to take the amount of advances as outstanding at the end of the last day of each month in the previous year di rec ted the Assessing Officer to take loans and advances made during the year only. We, therefore, set aside the order of CIT(Appeals) on this issue and amend the direction of the CIT(Appeals) and direct the Assessing Officer to compute 10% of the aggregate monthly av....