Bad Debts declared as NPS before 01.04.2006 are allowable as deduction u/s 36(l)(vii) of Income Tax Act: ITAT [Read Order]

Bad - Debts - NPS - allowable - deduction - Income - Tax - Act - taxscan

The Income Tax Appellate Tribunal (ITAT) Mumbai Bench held that bad debts declared as Non-Performing Assets (NPS) before 01.04.2006 are allowed as deduction under Section 36(l)(vii) of Income Tax Act, 1961. The assessee Abhyudaya Co-op Bank Limited is a co-operative bank and filed a return of income for Assessment Year 2012-13 declaring a total income…

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