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Rural Branch Bad Debt Deduction Must Be Based on Aggregate Monthly Outstanding Advances, Not Incremental Lending: Madras HC

The Madras High Court has held that Co-operative Bank’s rural branch bad debt deduction must be based on aggregate monthly outstanding advances and not incremental lending. The Bench of Justice Anita Sumanth and Justice Mummineni Sudheer Kumar has dismissed two appeals filed by the Income Tax Department against Co-operative Bank, reaffirming the method for computing…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 5+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started as a freelance tax reporter in the leading online legal news companies like LiveLaw & Taxscan.

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