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2016 (2) TMI 158 - AT - Income TaxRevision u/s 263 - in the assessment order deduction u/s. 36(1)(viia) was allowed to the extent of ₹ 14,47,40,656/- as against restricting it to the extent of eligible amount of reserve for Non-performing assets or provisions for bad & doubtful debts shown in the Balance Sheet as on 31.03.2007 at ₹ 68,20,002 - claim of the Ld. A.R. was that the provisions made as per Section-36(1)(viia) has to be allowed though debited under different name such as "Reserved for NPA account" instead of debiting under the Head "Provisions towards bad & doubtful debts - Held that:- Following the order of our predecessors, we hereby direct the Ld. Assessing Officer to verify the claim of the assessee to be in accordance with the provisions of Section 36(1)(viia) of the Act and found to be correct, allow the same without giving importance to the nomenclature of the account under which head such claim towards provision for bad & doubtful debts is made. - Decided in favour of assessee for statistical purposes
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