Relief to Karur Vysya Bank: ITAT allows deduction u/s 36(1) (viii) as Reserve is Created out of Profit for Year 2013-2014, Deletes Addition [Read Order]

The assessee was entitled to the deduction under Section 36(1)(viii) as the reserve was created out of the profits for the year 2013-14 and delete the addition made by the AO

By Aiswarya Krishnadas - On May 24, 2024 8:06 pm - 2 mins read

ITAT - ITAT Chennai - Karur Vysya Bank - section 36(1)(viii) of the Income Tax Act - Taxscan

The Chennai bench of the Income Tax Appellate Tribunal ( ITAT ) granted relief to Karur Vysya Bank by allowing deduction under section 36(1)(viii) of the Income Tax Act, 1961 as the reserve was created out of profit for the year 2013-2014, resulting in the deletion of the addition. The facts with regard to the…

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