20 September 2012
Provision of NPA on Standard Assets in Case of Coop Bank i.e. Coop Society in profit during the year , whether allowable under Income Tax Act.
Guest
Guest
(Expert)
21 September 2012
there is no specific section in IT ACT giving deduction for standard assets. section 36(1)(vii) & 36(10(viia) is only for bad debts.
but it should be allowed as it is a statutory provision to be made as per rbi regulation and also on the analogy of 30% standard deduction on housing.
there are some tribunal orders where it is made allowable deduction for co-op banks.
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