Tribunal held that as per proviso to section 36(1)(viia) amount of loss on OTS would be first set-off against credit balance available in balance sheet. (AY. 2014-15)
Cuttack Central Co-operative Bank Ltd. v. PCIT (2021) 188 ITD 109 (Cuttack)(Trib.)
S. 36(1)(viia) : Bad debt-Provision for bad and doubtful debts-Schedule bank-One time settlement (OTS) scheme-Provision for bad and doubtful debt was higher than amount of such bad debt claimed by it-First set off against such credit balance in balance.