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2014 (1) TMI 1737 - AT - Income TaxDeduction u/s 36(1)(viia) - Revenue has disputed the deduction claimed for the reason, that the assessee has not created provision for bad and doubtful debts - Held that:- In case of Banking Companies, the accounts are made in accordance with the RBI guidelines and the Banking Regulation Act, 1949. Although the assessee has named the provision as 'Provision for NPA', but in pith and substance the provision has been created for 'Bad and Doubtful Debts'. The taxonomy of the provision has been done by the assessee to keep it in line with the RBI and NABARD guidelines. The assessee had already made provision though with a different nomenclature. We are satisfied that the assessee has made provision and claimed deduction in accordance with the provisions of section 36(1)(viia). The assessee is entitled to the benefit of same. The impugned order is set aside - Decided in favour of assessee
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