Supreme Court · 1964 INSC 225 · Decided 22 October 1964
Associated Banking Corporation of India LTD v. Commissioner of Income-Tax, BOMBAY-1
- Court
- Supreme Court of India
- Citation
- 1964 INSC 225 · [1965] 1 S.C.R. 788
- Case number
- CIVIL APPEAL No. 956/1963
- Decided
- 22 October 1964
- Bench
- K. SUBBA RAO, J.C. SHAH, S.M. SIKRI (3-judge bench)
- Outcome
- Case Partly allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act Section 10(2)(xi)
Headnote
CANKING CORPORATION OF INDIA Lm. A v. COllMISSIO:"iER OF INCOME-TAX, BOMBAY-1. October 22, 1964 (K. SUBBA RAO, J.C. SHAH A1'D S. M. S!KRI JJ.) lneome Tax Act (11 of 1922), ss. 10(1) and 10(2) (xi) and (xv)­ Scope ,,f-Bad debts-If should be written off before claim is al/owed­ ao;; deductions : (i) under s. 10(2)(xi) of the Indian Income-tax Act, 1922, debts due to B the Bank which had become irrecoverable. and (ii) under s. I0(2)(x•'), C certain arnounts embezzled by one of its otliccrs and v.·hich the bank had to pay to its constitucnLs. ·rhc
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