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1 result for “penalty u/s 271”+ Section 36(1)(viia)clear

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Key Topics

Section 271(1)(c)6Section 36(1)(viia)3Section 362

THE TAMILNADU CIRCLE POSTAL COOPERATIVE BANK LTD. (1031),,CHENNAI vs. ACIT, NCC-12(1),, CHENNAI

In the result, the appeal filed by the assessee is allowed

ITA 3002/CHNY/2019[2008-09]Status: DisposedITAT Chennai03 Aug 2022AY 2008-09

Bench: Shri V. Durga Rao & Shri Manoj Kumar Aggarwalआयकर अपील सं./I.T.A. No.3002/Chny/2019 िनधा"रण वष"/Assessment Year: 2008-09 M/S. The Tamilnadu Circle Postal Vs. The Assistant Commissioner Of Cooperative Bank Ltd. (1031), Income Tax, 18/19, Postal Bank, Jahangir Street, Non Corporate Circle 12(1), Second Line Beach, Chennai 600 001. Greams Road, Chennai 600 006. [Pan:Aaaat4900D] (अपीलाथ"/Appellant) (""थ"/Respondent) अपीलाथ" की ओर से / Appellant By : Shri S. Rajagopalan, C.A. ""थ" की ओर से/Respondent By : Mrs. L. Jancy Elizabeth Rani, Jcit सुनवाई की तारीख/ Date Of Hearing : 28.06.2022 घोषणा की तारीख /Date Of Pronouncement : 03.08.2022 आदेश /O R D E R Per V. Durga Rao: This Appeal Filed By The Assessee Is Directed Against The Order Of The Ld. Commissioner Of Income Tax (Appeals) 13, Chennai, Dated 21.08.2019 Relevant To The Assessment Year 2008-09 Challenging Levy Of Penalty Under Section 271(1)(C) Of The Income Tax Act, 1961 [“Act” In Short].

For Appellant: Shri S. Rajagopalan, C.AFor Respondent: Mrs. L. Jancy Elizabeth Rani, JCIT
Section 143(1)Section 143(2)Section 148Section 271(1)(c)
Section 36
Section 36(1)(viia)

u/s 36(i)(viia) does not applicable to the assessee- Bank ". Notice under section 143(2) of the Act was issued for calling details in support of the deduction claimed under section 36(1)(viia) of the Act. After examining the details furnished by the assessee, the Assessing Officer has observed that the assessee has made provision for Bad & Doubtful