S.36 of Income Tax Misinterpreted by AO: ITAT Upholds Bank’s Claim for Non- Rural Bad Debt Write Off [Read Order]

The ITAT observed that the legislative intent of Section 36(1)(viia) of ITA was to support rural banking
By Varda Marakkar - On October 6, 2024 8:51 am - 2 mins read
ITAT - ITAT Bangalore - Income Tax - Income Tax Misinterpreted - Section36 of Income Tax - Non Rural Bad Debt - taxscan

Recently in a decision, the Income Tax Appellate Tribunal ( ITAT ) of Bangalore  upheld a bank’s claim for the write-off of non-rural bad debts, overturning the Assessing Officer’s ( AO ) disallowance under Section 36 of the Income Tax Act 1961 ( ITA ). The case, which concerned the 2015-16 assessment year, revolved around…

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