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2020 (9) TMI 613 - AT - Income TaxDeduction on account of penal interest paid to Reserve Bank of India (RBI) - assessee in the present case is a Co-operative bank which is registered u/s 9(1) of Maharashtra Cooperative Societies Act, 1960 - CIT-A deleted the addition - HELD THAT:- Assessee has submitted that the entire liability on account of penal interest charged by RBI for non-maintenance of SLR and CRR was accepted by the assessee bank and the same having been arisen and crystallized during the year under consideration, CIT(A) was fully justified in allowing the claim of the assessee for deduction even on account of provision made on account of penal interest charged by RBI. No infirmity in the impugned order of Ld. CIT(A) allowing the claim of assessee for deduction on account of penal interest paid to RBI for non-maintenance of SLR and CRR including especially the provision made - Decided against revenue.
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