Bad Debts arising out of Business of Credit Card Services is part of Banking Activities: ITAT allows deduction claimed by HDFC Bank u/s 36(1)(vii) of Income Tax Act [Read Order]

ITAT - ITAT Mumbai - Income tax - Income tax news - HDFC Bank - Credit card services - taxscan

The Mumbai bench, Income Tax Appellate Tribunal ( ITAT ) while allowing the deduction claimed by the HDFC Bank under Section 36(1)(vii) of the Income Tax Act, 1961 held that bead debts arising out of the business of credit card services is part of banking activities. During the assessment proceedings of the assessee HDFC Bank…

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