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2012 (5) TMI 168 - HC - Income TaxEntitlement to the bad debt written off - revenue contested it as the same was hit by the provisions of Section 36(1)(viia) – Held that:- The issue is covered by a decision in Catholic Syrian Bank Ltd. Vs. Commissioner of Income Tax (2012 - TMI - 210762 - SUPREME COURT OF INDIA) stated that u/s 36(1)(vii), the assessee would be entitled to general deduction upon an account having become bad debt and being written off - The proviso to Section 36(1)(vii) will relate to cases covered under Section 36(1)(viia) and has to be read with Section 36(2)(v) - Thus, the proviso would not permit benefit of double deduction, operating with reference to rural loans - therefore provisions of Sections 36(1)(vii) and 36(1)(viia) are distinct and independent items of deduction and operate in their respective fields – against the Revenue. Claim for depreciation on furniture and electrical fittings as well as typewriters - Held that:- Applying the decision of Commissioner of Income Tax, Madras Vs. Mir Mohammed Ali (1964 - TMI - 49371 - SUPREME Court) typewriter is a machinery entitled to depreciation at 25% and not at 33 1/3 %, as had been held by the Tribunal - as far as assessment year 1992-93 is concerned, the furniture and fittings are with reference to the bank, the assessee carrying on business in banking, sub-clause (1) would be a relevant entry and hence, the assessee would be entitled for deduction at 10% and the typewriter as machinery at 25% - in favour of revenue.
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