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2014 (2) TMI 137 - AT - Income TaxDisallowance u/s 36(1)(viia) of the Act – Claim of provision for bad and doubtful debts - 10% of the aggregate advances made by the rural branches – Held that:- The term “banking Company” also includes a “Co-operative Bank” - Thus a co-operative bank falls under the definition of “banking company” - Further as per the definition given in Explanation under sec. 36(1)(viia) of the Income tax Act, a “banking company” as defined in sec. 5(c) of the Banking Regulation Act, which is not a scheduled bank, is classified as a “non-scheduled bank” – thus, a Co-operative bank would be classified as a “non-scheduled bank” for the purpose of sec. 36(1)(viia) of the Act – Decided against Assessee.
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