BNP PARIBAS,MUMBAI vs. COMMISSIONER OF INCOME-TAX (INTERNATIONAL TAXATION) - 1, MUMBAI, MUMBAI

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ITA 2521/MUM/2024Status: DisposedITAT Mumbai25 July 2024AY 2017-18Bench: SHRI NARENDRA KUMAR BILLAIYA, HON'BLE (Accountant Member), SMT. KAVITHA RAJAGOPAL, HON'BLE (Judicial Member)1 pages

In favour of the assessee: the assessee's appeal was allowed. From the AI summary of this appeal.

AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the AO had made sufficient inquiries and the assessment order was not erroneous. The CIT's assumption of jurisdiction under Section 263 was found to be unjustified.

What were the facts?

The assessee, a commercial bank, claimed a deduction under Section 80G for donations made towards CSR expenses. The CIT invoked Section 263, holding the assessment order erroneous and prejudicial to revenue due to alleged lack of inquiry by the AO.

What were the issues?

Whether the CIT erred in invoking Section 263 when the AO had conducted adequate inquiries, and if the assessment order allowing deduction for CSR expenses was erroneous and prejudicial to revenue.

Which sections of the Income-tax Act were involved?

Section 263,Section 143(3),Section 144C(13),Section 80G,Section 37,Section 142(1)

AI-generated summary — verify with the full judgment below

Cases cited in this judgment(5)Show list

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Income Tax Appellate Tribunal, “B” BENCH, MUMBAI

Before: SHRI NARENDRA KUMAR BILLAIYA, HON’BLE & SMT. KAVITHA RAJAGOPAL, HON’BLE

For Appellant: Shri Niraj Sheth, A/R
Hearing: 16/07/2024Pronounced: 25/07/2024

आदेशानुसार/ BY ORDER, TRUE COPY

Assistant Registrar आयकर अपीलीय अिधकरण ITAT, Mumbai

1.

Date of Dictation 16/07/2024 2. Date on which the typed order is placed before the dictating Member 17/07/2024 3. Date on which the order came back to Sr. PS…………………………………… 4. Date on which the file goes to the Bench Clerk………………………………… 5. Date on which the file goes to the O.S………………………………… Date on dispatch of the order………………………………………

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