BANK OF MAHARASHRA,PUNE vs. THE PR. COMMISSIONER OF INCOME TAX, PUNE, PUNE

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ITA 682/PUN/2024Status: DisposedITAT Pune30 December 2024AY 2018-19Bench: SHRI R. K. PANDA (Vice President), MS ASTHA CHANDRA (Judicial Member)16 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the PCIT's order under Section 263 was not justified as the Assessing Officer had made adequate inquiries and the issue had been decided in the assessee's favor by the Tribunal in its own case. The Tribunal found the order of the Assessing Officer not to be erroneous, thus failing the twin conditions for revision.

What were the facts?

The assessee, Bank of Maharashtra, claimed a deduction under Section 36(1)(viia) for provisions for bad and doubtful debts. The Assessing Officer allowed the full claim, but the Principal Commissioner of Income Tax (PCIT) initiated revision proceedings under Section 263, considering the order erroneous and prejudicial to revenue.

What were the issues?

Whether the PCIT was justified in invoking Section 263 to revise the Assessing Officer's order when the AO had made adequate inquiries and the issue was covered by a favorable Tribunal decision in the assessee's own case.

Which sections of the Income-tax Act were involved?

Section 36(1)(viia),Section 263

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Income Tax Appellate Tribunal, PUNE BENCH “A”, PUNE

Before: SHRI R. K. PANDA & MS ASTHA CHANDRA

For Appellant: Shri Ananthan and Mrs. Lalitha Rameswaran
For Respondent: Shri Amol Khairnar, CIT-DR

आदेशानुसार/ BY ORDER, // True Copy // Senior Private Secretary आयकर अपीलीय अधिकरण ,पुणे / ITAT, Pune

S.No. Details Date Initials Designation 1 Draft dictated on 06.11.2024 Sr. PS/PS 07.11.2024 2 Draft placed before author & Sr. PS/PS 18.12.2024 Draft proposed & placed before the 3 JM/AM Second Member Draft discussed/approved by Second 4 AM/AM Member 5 Approved Draft comes to the Sr. PS/PS Sr. PS/PS 6 Kept for pronouncement on Sr. PS/PS 7 Date of uploading of Order Sr. PS/PS 8 File sent to Bench Clerk Sr. PS/PS Date on which the file goes to the Head 9 Clerk 10 Date on which file goes to the A.R. 11 Date of Dispatch of order

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