KOKAN MERCANTILA CO OP BANK LTD,MUMBAI vs. ACIT CIRCLE-20(2) , MUMBAI
In the result we set aside the orders of authorities below and direct to allow the deduction u/s
ITA 651/MUM/2022[2017-18]Status: DisposedITAT Mumbai04 Oct 2022AY 2017-18
Bench: Shri Kuldip Singh & Shri Gagan Goyalkokan Mercantile Co-Operative Bank Ltd. Harbour Crest, 1St Floor, Mazagaon, Mumbai-400010. Pan: Aaaak2527P ...... Appellant Vs. Acit, Circle-20(2), Room No. 217, 2Nd Floor, Piramal Chambers, Lalbaug, Parel, Mumbai-400012 ..... Respondent Appellant By : Sh. M. Subramanian, Adv. Respondent By : Sh. Tejinder Pal Singh, Sr.Dr Date Of Hearing : 12/07/2022 Date Of Pronouncement : 04/10/2022 Order Per Gagan Goyal, A.M: This Appeal By The Assessee Is Directed Against The Order Of National Faceless Appeal Centre, Delhi [Hereinafter Referred To As [‘Nfac’] Dated 21.12.2021 Passed Under Section 250 Of The Income Tax Act, 1961 (Hereinafter Referred To As [‘The Act’] For The Assessment Year (Ay) 2017-18. The Assessee Has Raised The Following Grounds Of Appeal:
For Appellant: Sh. M. Subramanian, AdvFor Respondent: Sh. Tejinder Pal Singh, Sr.DR
Section 142(1)Section 143(2)Section 234BSection 234CSection 250Section 36(1)
other for the extension of the benefit.A provision had been made for deduction of provisions for bad and doubtful debts under section 36(1)(vii)(c) independent of section 36(1)(viii) which provide for deduction upto 40 per cent for special reserve created by assessee providing long-term finance
