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ITAT Mumbai held that deduction u/s 36(1)(via) is to be allowed on the total outstanding advances at the end of each month considering the opening balances.
ITAT Mumbai in the case of State Bank of India Vs ACIT, [ Appeal Number : ITA No. 510/Chandi/2017] has held that deduction u/s 36(1)(via) is to be allowed on the total outstanding advances at the end of each month considering the opening balances.
State Bank of India Vs ACIT
ITAT Mumbai
Appeal Number : ITA No. 510/Chandi./2017
The court has held as under:
“We decide the question referred for our adjudication in favour of the assessee and held that the deduction under section 36(1)(viia) r/w Rule 6 ABA of the Income Tax Rules is to be allowed on the total outstanding advances at the end of each month considering the opening balances.”
The copy of the order is as under:
The_State_Bank_Of_India_Patiala_vs_Asstt_Commissioner_Of_Income_on_9_February_2018
