Deduction Claimed u/s.36(1)(viia) Income Tax Act shall not exceed provision made for Bad and Doubtful Debts in Books of Accounts: ITAT [Read Order]

Deduction -Income Tax Act - provision - Bad - Doubtful Debts - books of accounts-ITAT-TAXSCAN

The Income Tax Appellate Tribunal (ITAT), Chennai bench held that deduction claimed under Section 36(1)(viia) of the Income Tax Act, 1961 should not exceed provisions made for bad and doubtful debts in books of accounts. The assessee, Villupuram District Central Co-operative Bank  is a co-operative bank after filing the return of income for the assessment…

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