CIT v. UTI Bank

The Jalgaon People'S Co.Op Bank Ltd, Jalgaon vs. Pr. Commissioner of Income-Tax -2, Nashik

In the result, appeal of the assessee is dismissed

Bench: Shri Waseem Ahmed & Shri Partha Sarathi Chaudhuryआयकर अपीऱ सं. / Ita No.698/Pun/2019 नििाारण वषा / Assessment Year : 2014-15 The Jalgaon People‟S Co-Op Bank Ltd. 152, Polan Peth Dana Bazar, Jalgaon-425 001 Pan : Aacat1603M .......अऩीऱाथी / Appellant बिाम / V/S.

…cordingly, the nature of advances being written off is no more a excuse for not exhausting the credit balance in the BDDR account before claiming the deduction u/s.36(1)(vii) of the Act. Further, the Hon‟ble Gujarat High Court in the case of CIT Vs. UTI Bank, 256 CTR 76 has held that claim of bad debts is not allowable when the amount of bad debts is not over and above the opening balance of BDDR reserve. 5. That therefore, it was observed by the Ld. Pr. Commissioner of Income Tax as per Para 2.1 of its order that from the assessment records, it is clear that the assessee has claimed deduction on account of bad…