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Thursday 23 February 2012

Deduction of Bad debts in case of Banks- Supreme Court Decision


The decision has been rendered by supreme court on 17-02-2012 In case of Catholic Syrian Bank Ltd.
In this case Supreme Court affirmed the decision of South Indian Bank Ltd. (2003) 262 ITR 579 (Kerala). Supreme over ruled full bench decision of kerela High Court in Catholic Syrian Bank Ltd which had declared interpretation given in South Indian Bank case as wrong.