COMMISSIONER OF INCOME TAX` Vs. UTI BANK LTD

JUDGEMENT

(1.) Leave to amend the question of law framed in the respective appeals. In all these appeals arising between the Income-tax Department and UTI Bank Limited the assessee a common question of law is involved. We have, therefore, heard these appeals together and propose to dispose them off by this common order. For the purpose of this order, we may notice the facts as arising in tax Appeal No. 1077/2010.

(2.) The respondent assessee is a bank and is regularly assessed to tax. For the assessment year 1998-99, the assessee filed its return of income on 30th November, 1998. The return was taken in scrutiny by the Assessing Officer. He passed his order of assessment on 27th December, 2000. The assessee had claimed a deduction of Rs. 13,36,61,936/- under section 36(1)(vii) of the Income Tax Act, 1961 (hereinafter to be referred to as the 'Act') by way of bad debt in following manner:-

(3.) The assessee had also simultaneously claimed deduction under section 36(1)(vii)(a)of the Act for provision for bad and doubtful debts of Rs. 1,36,09,550/-.