2021 (8) TMI 1373 - SC - Income Tax

MAT application u/s 115JB on Banking companies - assessee bank eligibility for deduction u/s 36(1)(vii) when the assessee has not debited any bad debts write off in the profit and loss account and only the provision for bad debts (prudential write off) has been claimed as deduction in the computation of income as bad debt write off - as per HC 2020 (12) TMI 402 - KARNATAKA HIGH COURT for the reasons assigned in the judgment 2020 (11) TMI 486 - KARNATAKA HIGH COURT the substantial questions of law involved in this appeal are answered against the revenue and in favour of the assessee - HELD THAT - Leave granted.

Summary

The Supreme Court of India granted leave and tagged the case with Civil Appeal No. 4951 of 2015. Justices D.Y. Chandrachud and M.R. Shah presided over the case. Petitioner represented by Mr. Tushar Mehta, SG, Mr. N. Venkataraman, ASG, and others.