28 September 2008
Dear friends, A co operative bank incurred gross business loss during the year. The bank consistently reverse the opening provision for bad and doubtful debts and create new provision on 31st march every year. Whether deduction under section 36(i)(viia) can be claimed (i)upto the amount of provision created during the year or (ii) upto the difference of amount debited and credited to profit and loss account? Thanking you in advance Prasanth
CAclubindia
