2019 (7) TMI 1973

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....ee reads as under: 1. The Ld. CIT(A) erred in law and facts in disallowing deduction of Rs.8,86,815/- as claimed u/s 36(1)(viia) for provision of standard assets as per the circular of RBI. This provision being as per law may be allowed. 2. The CIT(A) has not considered evidence submitted on record. 3. Briefly stated, the facts are that the assessee, a Co-operative Bank filed its return of income for the assessment year (AY) 2013-14 on 25.11.2014 declaring total income at Rs.8,49,37,390/-. In computing the income from business the assessee has reduced an amount of Rs.80,29,815/-, the break up being as under: (i) Deduction of expenses disallowed u/s 40(i)(a) now claimed on payment basis Rs.11,43,000 (ii) D....

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....provision for bad and doubtful debts which may be under different nomenclature but this will not disentitle the assessee for claiming deduction under provisions of section 36(1)(viia) of the Act. In this regard, reliance is placed by him on the order by (i) ITAT Amritsar Bench in the case of Nawanshahr Central Co-op. Bank Ltd. dated 3rd Jan. 2018, (ii) Jodhpur ITAT in the case of Nagpur Urban Cooperative Bank Ltd., (iii) ITAT Chennai 'A' Bench in the case of Vellore District Central Co-operative Bank Ltd. and (iv) ITAT Amritsar in Punjab Gramin Bank. On the other hand, the Ld. DR supports the order passed by the Ld. CIT(A). 5. We have heard the rival submissions and perused the relevant materials on record. In the case of Nawanshahr C....