ASSISTANT COMMISSIONER OF INCOME TAX , CHANDRAPUR CIRCLE , CHANDRAPUR vs. M/S CHANDRAPUR DISTRICT CENTRAL CO-OPRATIVE BANK LIMTED , CHANDRAPUR

In the result, appeal filed by the Revenue is allowed for statistical purposes

Bench: Shri V. Durga Rao & Shri K.M. Roy, Accountant, Member

3) of the Act dated 26/02/2016, assessing total income of ` 23,51,05,202. Subsequently, penalty proceedings were initiated under section 271(1)(c) of the Act. In the penalty order, the Assessing Officer noticed that the assessee has claimed deduction under section 36(1)(viia) of the Act of ` 46,57,11,248, not eligible for deduction