BHARUCH DISTRICT CENTRAL CO.-OP. BANK LTD.,BHARUCH vs. THE ADDITIONAL COMMISSIONER OF INCOME TAX, BHAURCH RANGE, BHARUCH

ITA 1543/AHD/2016Status: DisposedITAT Surat23 June 2022AY 2010-1153 pages
AI SummaryPartly Allowed

What did the Tribunal hold?

The Tribunal held that the creation of a statutory bad debts reserve by the assessee as per the Gujarat Cooperative Societies Act is a valid provision for bad and doubtful debts. It also found that the issue of statutory debts reserve was not properly considered in earlier proceedings.

What were the facts?

The assessee, a cooperative bank, claimed deductions for provisions for bad and doubtful debts and diminution of government securities. The Assessing Officer disallowed these claims, arguing that cooperative banks do not qualify for certain deductions applicable to other banks.

What were the issues?

Whether a cooperative bank is eligible for deduction under Section 36(1)(viia) for provisions made as per its governing cooperative society act, and whether the creation of a statutory bad debts reserve constitutes a deductible provision.

Which sections of the Income-tax Act were involved?

Section 36(1)(viia),Section 67A

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(15)Show list

Detected automatically from the text. Citations are also linked where they appear in the judgment. The count shows how many other judgments on BharatTax rely on the same authority.

IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER ITA No.1529 & 1542/AHD/2016 (AY 2009-10) (Hearing in virtual Court) Assistant Commissioner of Bharuch District Central Income-tax, Circle-1, Co-Op. Bank Ltd. Bharuch, Above Bank of JavaharBhavan, Baroda, Station Road, Opp.Shalimar Cinema, Baruch-392001 Station Road, Bharuch- 392001 PAN No: AAABT 0073 E Vs Bharuch Dist. Central Co-Op. Bank Ltd., JavaharBhavan, Addl. Commissioner of Opp. Shalimar Station Road, Income-tax, Bharuch Bharuch-392001 Range, Bharuch Appellant Respondent

ITA No.1530 & 1543/AHD/2016 (AY 2010-11) Assistant Commissioner of Bharuch District Central Income-tax, Circle-1, Co-Op. Bank Ltd. Bharuch, Above Bank of JavaharBhavan, Baroda, Station Road, Opp.Shalimar Cinema, Baruch-392001 Station Road, Bharuch- 392001 Bharuch District Central Co- Vs Op. Bank Ltd. Addl. Commissioner of JavaharBhavan, Income-tax, Bharuch Opp.Shalimar Cinema, Range, Bharuch Station Road, Bharuch- 392001 Appellant Respondent

ITA No.1531 & 1544/AHD/2016 (AY 2011-12) Assistant Commissioner of Bharuch District Central Income-tax, Circle-1, Co-Op. Bank Lt

The order continues below.

Read the full judgment

A free account opens 10 full judgments a month. Re-reading one you have already opened does not count again.

Create a free accountSign in

See plans and prices

The summary, the parties, the sections and the citations above are open to everyone and always will be. Only the text of the order and the PDF are metered.

More judgments on Section 36(1)(viia)

All 877 judgments and leading authorities on Section 36(1)(viia) →

Recent GST High Court judgments

Search GST case law →