Deciding two connected writ petitions arising from a common Industrial Tribunal Award, the Delhi High Court set aside the Tribunal's direction granting hotel workmen a further…
Labour Laws
06/09/20264 min read
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S.36 of Income Tax Misinterpreted by AO: ITAT Upholds Bank’s Claim for Non- Rural Bad Debt Write Off
BankingFinancial ManagementIncome Tax
The ITAT upheld a bank's claim for a write-off of non-rural bad debts under Section 36 of the Income Tax Act, rejecting the assessing officer's (AO) misinterpretation of the provision. The ruling clarifies the treatment of bad debts, particularly for non-rural branches, ensuring that banks can effectively manage their tax liabilities concerning non-performing assets.
