Supreme Court · 2010 INSC 214 · Decided 15 April 2010
M/S. Vijaya Bank v. Commissioner of Income Tax and ANR.
- Court
- Supreme Court of India
- Citation
- 2010 INSC 214 · [2010] 4 S.C.R. 721
- Case number
- CIVIL APPEAL No. 3286/2010
- Decided
- 15 April 2010
- Bench
- S.H. KAPADIA, SWATANTER KUMAR (2-judge bench)
- Outcome
- Appeal(s) allowed
- Case type
- Civil
- Acts & sections cited
- Income Tax Act
Headnote
721 M/S. VIJAYA BANK v. COMMISSIONER OF INCOME TAX AND ANR. (Civil Appeal Nos.3286-3287 of 2010) APRIL 15, 2010 [S.H. KAPADIA AND SWATANTER KUMAR, JJ.) Income Tax Act, 1961: A B s.36(1)(vii), Explanation - Deduction under s.36{1)(vii) - c Held: With effect from April 1, 1989, mere provision for to the extent of provision for bad debt and simultaneously reducing 0 corresponding amount from loans and advances/debtors from the asset side of Balance Sheet - It is not imperative for assessee to close the individual account of each of its debtors in the books. The question which arose
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