Deduction under section 36(i)(viia)
This query is : Resolved
28 September 2008
Dear friends,
A co operative bank incurred gross business loss during the year.
The bank consistently reverse the opening provision for bad and doubtful debts and create new provision on 31st march every year.
Whether deduction under section 36(i)(viia) can be claimed
(i)upto the amount of provision created during the year or
(ii) upto the difference of amount debited and credited to profit and loss account?
Thanking you in advance
Prasanth
A co operative bank incurred gross business loss during the year.
The bank consistently reverse the opening provision for bad and doubtful debts and create new provision on 31st march every year.
Whether deduction under section 36(i)(viia) can be claimed
(i)upto the amount of provision created during the year or
(ii) upto the difference of amount debited and credited to profit and loss account?
Thanking you in advance
Prasanth
30 September 2008
It can only be the diiference of amount credited and debited, after satisfying the requirements of section 36(i)(viia)
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