Relief to Canara Bank-Bad Debt written off be First Adjusted Against Credit Balance and only Excess be Claimed as Deduction: ITAT deletes Disallowance u/s 36(1)(vii)

By Fathima Karama A.M - On May 11, 2023 6:30 pm - 2 mins read

Relief to Canara Bank - Bad Debt written Adjusted Against Credit Balance - Claimed Deduction - ITAT Disallowance us 36(1)(vii) - TAXSCAN

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) has granted relief to Canara Bank by deleting the disallowance under Section 36(1)(vii) of the Income Tax Act, 1961 holding that bad debt written off should be first adjusted against the credit balance and only excess could be claimed as deduction. The assessor, Canara Bank,…

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