Dismissing the appeal of the revenue the Court held that, in respect to banking companies provision made for bad debts is allowable as deduction though not debited in profit and loss account. (AY.2006-07)
CIT, LTU v. Vijay Bank (2021) 130 taxmann.com 148 (Karn.)(HC) Editorial :SLP was granted to revenue, CIT, LTU v. Vijay Bank (2021) 282 Taxman 296 (SC)
S. 36(1)(vii) :Bad debt-Provision made for bad debts-Banking company-Allowable as deduction though not debited in profit and loss account. [S. 145]