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.
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