THE KANGRA CENTRAL COOPERATIVE BANK LIMITED,DHARAMSHALA vs. DEPUTY COMMISSIONER OF INCOME TAX, PALAMPUR

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ITA 804/CHANDI/2023Status: DisposedITAT Chandigarh28 January 2025AY 2012-13Bench: SHRI. RAJPAL YADAV (Vice President), SHRI. VIKRAM SINGH YADAV (Accountant Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee had made adequate disclosure in its return regarding the provisions. A mere claim that is not sustainable in law, when adequately disclosed, does not amount to furnishing inaccurate particulars.

What were the facts?

The assessee, a cooperative bank, filed its return of income. The Assessing Officer (AO) made a disallowance for provisions made towards standard assets and initiated penalty proceedings under Section 271(1)(c) for concealment of income.

What were the issues?

Whether the levy of penalty under Section 271(1)(c) is justified when the assessee has made adequate disclosure of provisions, even if such claims are later disallowed. Whether a debatable issue can lead to penalty proceedings.

Which sections of the Income-tax Act were involved?

Section 271(1)(c),Section 36(1)(viia)

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