Lawyer

My photo
New Delhi, New Delhi, India
Believe nothing, no matter where you read it, or who said it, no matter if I have said it, unless it agrees with your own reason and your own common sense...

Friday, September 14, 2012

Deduction shall be allowed irrespective of provision made for bad & doubtful debts, as held by Supreme Court

Summary: Irrespective of provision made for Bad & doubtful debts in relation to advances made by the rural branches, deduction u/s. 36 (1) (vii) is allowable to the scheduled bank, however subject to limitation that the deduction should not be made twice u/s. 36 (1) (vii) & sec-36 (1) (viia) of the Income Tax Act, 1961.

IN THE SUPREME COURT OF INDIA
Deputy Commissioner of Income tax
vs.
Karnataka Bank Ltd.
S.H. KAPADIA, CJ.
AND MADAN B. LOKUR, J.

S.L.P. (C) NOS. 4380 & 4381 OF 2009 & 6658 OF 2010

CIVIL APPEAL NOS. 6164, 6166 & 6167 OF 2012

AUGUST 29, 2012


ORDER
Delay condoned.
Leave granted.
The civil appeals are dismissed.
No order as to costs.

ORDER
Heard learned counsel on both sides.
Delay condoned.
Leave granted.

The issue involved in these cases is covered in favour of the assessee vide judgment of this Court in the case of Catholic Syrian Bank Ltd. v.Commissioner of Income-Tax, reported in [2012] 343 ITR 270.

The civil appeals are, accordingly, dismissed.

No order as to costs.

...xxx...


No comments:

Post a Comment

Google+ Followers

Followers