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2019 (3) TMI 1654

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..... rage advances made by the rural branches of such bank computed in the prescribed manner. Issue as decided in own case in the favour of assessee as relying on THE LITTLE KANCHEEPURAM CO OPERATIVE URBAN BANK LTD. [2013 (3) TMI 787 - ITAT CHENNAI] - ITA No.743/Del/2016 - Dated:- 28-3-2019 - SHRI BHAVNESH SAINI, JUDICIAL MEMBER AND SHRI O.P. KANT, ACCOUNTANT MEMBER For the Appellant : Shri Vivek Gupta, CA For the Respondent : Shri Surender Pal, Sr.DR ORDER PER O.P. KANT, A.M.: This appeal by the assessee is directed against order dated 02/10/2015 passed by the Ld. Commissioner of Income-tax (Appeals)-1, Gurgaon [in short the Ld. CIT(A) ] for assessment year 2010-11, raising following grounds: 1. That on the facts and circumstances of the case a .....

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..... ieved, the assessee is in appeal before the Tribunal raising the grounds as reproduced above only on the issue of disallowance of deduction under section 36(1)(viia) of the Act to the extent of ₹ 68,91,000/- . 3. We have heard both the parties on the issue in dispute. In the case, the assessee is a rural cooperative bank and entitled for deduction under section 36(1)(viia) of the Act in respect of provision for bad and doubtful debt. The said provision has specified the limit of deduction which could be allowed to the eligible assessee. Under the provisions, the deduction in respect of any provision for bad and doubtful debts made by the cooperative bank, of an amount not exceeding seven and one half percentile (7½%) of the tot .....

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..... Standard Adv. 110097 6572 3. Doubtful Adv. 58065 11664 4. Loss Assets 10556 1647 14930119 26774 5. According to the Assessing Officer, the provision of standard advances of ₹ 68,91,000/- was not eligible for deduction as the said asset was not in the nature of bad and doubtful date as the assessee was receiving regular interest on said assets. The Ld. CIT(A) following the decision of the coordinate bench of the Tribunal dated 28/08/2012, including the decision in the case of Bharat Overseas Bank in ITA No.1191/Mds./2012 held that provision for bad and doubtful debt on a standard advances of the bank are not permitted under section 36(1)(viia) of the Act. 6. Before us, however, the Ld. counsel of the assessee submitted that issue in d .....

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