2018 (6) TMI 1851

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....P.K. Mishra (DR) ORDER PER RAM LAL NEGI, JM This appeal has been filed by the assessee against the order dated 21.01.2015 passed by the Ld. Commissioner of Income Tax (Appeals)-I, Raipur, for the assessment year 2010-11, whereby the Ld. CIT (A) has dismissed the appeal filed by the assessee against assessment order u/s 143 (3) of the Income Tax Act, 1961 (for short 'the Act'). ....

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....ssessee has followed the provisions as per the RBI norms. However, the AO rejecting the said plea made addition of Rs. 25,69,45,585/- and determined the total income of the assessee at Rs. 26,66,34,465/-. The assessee challenged the assessment order before the Ld. CIT (A). The Ld. CIT (A) after hearing the assessee dismissed the appeal and upheld the action of the AO. 3. Aggrieved by the impugn....

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....year under consideration, the assessee had made provisions for bad debts as per RBI guidelines. The provision for bad and doubtful debts appearing in the books of account of the assessee is Assessment Year: 2010-11 higher than the provision calculated as per limit prescribed u/s 36(I)(viia). However, the assessee claim is restricted to amount of provisions calculated as per section 36(I)(viia) of ....

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....e agree with the Ld. CIT(A) that in order to claim deduction under section 36(viiia) of the Act, the assessee is required to make provision and debit the same from the P & L account. Hence, the assessee was required to make the provision in accordance with the Act. The copy of P & L account submitted by the Ld. counsel prima facie shows that the assessee bank had made the provision for bad and dou....