9911796707
TMI Blog2022 (1) TMI 734X X X X Extracts X X X X X X X X Extracts X X X X ..... out of Rs. 2,44,300/- imposed by the A.O." 3. The only effective ground in this appeal is against sustaining the penalty of Rs. 75,000/- out of Rs. 2,44,300/- imposed by the Assessing Officer (in short "the A.O".) 4. The facts in brief are that in this case return of income disclosing income at Rs. 1,05,53,330/- was filed on 29th September, 2012, the same was processed u/s 143 (1) of the Income Tax Act, 1961 (in short "the Act"). The case was selected for scrutiny and the assessment u/s 143(3) was framed vide order dated 27th March, 2015 thereby, the Assessing Officer assessed income at Rs. 1,18,31,749/- against the declared income of Rs. 1,05,53,330/. The Assessing Officer made disallowances in respect of provision for standard and sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f income by claiming allowance of such expenses that was not admissible under the law. 9. We have heard the rival submissions and perused the material available on record. The Ld.CIT (A) has contested by observing as under:- "The facts of the case along with material on record have been gone through. It is observed that addition in respect of interest on alleged NPAs for Rs. 329241/- has been made in the absence of supporting details. Disallowance of Rs. 103 5/- has been made u/s 43B on non-payment basis. Disallowance of Rs. 217246/- has been made for the gratuity contribution in the absence of the approval of the Principal CIT, Muzaffamagar for the gratuity fund. Such addition/disallowance cannot be held in the nature of concealing the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 of Rs. 11,151/- 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 asse ..... X X X X Extracts X X X X X X X X Extracts X X X X
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