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2022 (1) TMI 734 - ITAT DELHIPenalty u/s 271(1)(c) - disallowances of sub standard/non standard NPA Assets, loss on sale of furniture’s and fixtures, and disallowance of deduction u/s 80P(2) (d) on dividend receipt - HELD THAT:- Before the Assessing Authority, it was stated that it was mandatory on the part of the assessee bank as per RBI Guidelines to make provision for NPA Assets. Hence the claim was made as per the RBI guidelines. Therefore, in our considered view, this claim of the assessee was debatable. The authorities below ought not to have imposed the penalty and confirmed the same. The Assessing Officer is directed to delete penalty imposed in respect of disallowance of Standard/Sub Standard NPA assets. In respect of the other items, it is seen that the assessee claimed loss on sale of furniture’s and fixtures and in respect of the claim of deduction u/s 80P (2)(d), both these expenses were rightly disallowed hence, the penalty on these items is sustained. The ground of appeal of the assessee is partly allowed.
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