Rural Advances consolidated and shown in Head Office Accounts are eligible for Deduction as Bad and Doubtful Debts u/s 36(1)(viia): ITAT [Read Order]

The Income Tax Appellate Tribunal (ITAT), Chennai has held that rural advances consolidated and shown in Head office accounts are eligible for deduction as Bad and Doubtful Debts u/s 36(1)(viia). The assessee, Dharmapuri District Central Co-operative Bank Ltd. during assessment proceedings, claimed of deduction of Rs.1199.35 Lakhs u/s 36(1)(viia). The Assessing Officer observed that rural…