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DCIT-2 (1) , Mumbai Versus Central Bank of India, Mumbai

2012 (11) TMI 1221 - ITAT MUMBAI

I.T.A. No. 7677/M/2010 - Dated:- 7-11-2012 - D. Karunakara Rao (Accountant Member) And Vivek Varma (Judicial Member) For the Appellant : Girija Dayal, CIT-DR For the Respondent : F. V. Irani ORDER D. Karunakara Rao (Accountant Member) This appeal filed by the Revenue on 9.11.2010 is directed against the order of CIT (A)-4, Mumbai dated 24.8.2010 for the assessment year 1996-1997. 2. In this appeal, Revenue has raised the following grounds which read as under: 1. The order of the CIT (A) is oppos .....

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ide and that of the AO restored. 3. At the outset, Shri F.V. Irani, Ld Counsel for the assessee mentioned that the Revenue is aggrieved on the decision of the CIT (A) who held that amount of ₹ 105,99,46,975/- was allowed as bad debts without appreciating that the same is not allowable as deduction u/s 36(1)(viia) of the Act. Bad debt of ₹ 26.69 was allowed as deduction u/s 36(1)(vii) of the Act. In this regard, the Ld Counsel mentioned that originally, Assessing Officer is of the opi .....

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ic Syrian Bank Ltd. vs. CIT (2012) 343 ITR 270 wherein, the provisions of the Clause-(vii) and Clause-(viia) of section 36 (1) were explained and read out the following para from the said order of the Hon ble Supreme Court. However, the revenue disputes the position that the proviso to clause (vii) refers only to rural advances. It says that there are no such words in the proviso which indicates that the proviso apply only to rural advances. There is no merit in the objection raised by the Reven .....

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he amount of the provision allowed under clause (viia). Thus, the proviso to clause (vii) stood introduced in order to protect the revenue. It would be meaningless to invoke the said proviso where there is no threat of double deduction. In case of rural advances, which are covered by the provisions of clause (viia), there would be no such double deduction. The proviso limits its application to the case of a bank to which clause (viia) applied. Clause (viia) applies only to rural advances. This h .....

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