notice that in the proviso to Section
36(1)(vii) , the explanation to that Section, Section 36(1)(viia)
and 36(2)(v) , the words ... Section 36(1)(vii) , the
Legislature has intentionally not used such language. The
proviso to Section 36(1)(vii) and Sections 36(1)(viia
Income Tax Act, 1961
Section 36 - Other deductions [as it stood at the
material time]
(1) The deductions provided for in the following
clauses shall ... computing the
income referred to in section 28 -
(vii) subject to the provisions of sub-section (2),
the amount of any bad debt or part
Section 36(1)(vii) at Rs.
50,36,39,689/- and deduction of provisions for bad and doubtful debts under
Section 36(1)(viia ... Section 36(1)(vii)
and Section 36(2) of the Act, the entire amount written off is allowable as
deduction under Section 36(1
Representative, the former is under Section 36(1)(vii) and the latter is allowed under Section 36(1)(viia ... such restriction contained in Section 36(1)(vii) . Clause (vii) of Sub-section (1) of Section 36 entitles the assessee for deduction for any debt
furnished the details of bad debts as per section 36(1)(vii) &
36(1)(viia) of the Act, bad debts and provision ... details.
Further, as per the provisions of section 36(1)(vii) & 36(1)(viia) of the
income Act, the bad debts as well
deduction u/s 36(1)(viii) of
the Act. Notably, assessee was eligible for the benefits u/s 36(1)(viia)(c) as
well ... purposes of computing
deduction u/s 36(1)(viii) of the Act, the deduction allowable u/s 36(1)(viia)(c)
of the Act towards
36,75,000/- was provision against
standard assets and the entire amount was claimed as
deduction under section 36(1)(viia ... various
clauses of sub-section (1) of section 36 of the Act. The deduction
under section 36(1)(viia) of the Act is allowed only
under Section
148 of the said Act with regard to the additions made insofar as the
deduction claimed under Section 36(1)(viia ... under Section 148 as also the
„reasons to believe‟ rolled into one!
28. As regards the deduction claimed under Section 36(1)(viia
Section 36(1) shall be defeated ?"
2. The assessee (respondent herein) is a scheduled bank as defined under Section 36(1)(viia) , Explanation ... draw--
1. The amount of deduction under Section 36 is as follows--
(a) provision for bad and doubtful debts under Section 36(1)(viia
section
36(1)(vii) of the Act is also applicable. The learned Counsel argued that as
per the provisions of section 36(1)(viia ... clause (viia). The proviso to Section 36(1)(vii) will relate to
cases covered under Section 36(1)(viia) and has to be read with
