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IN THE HIGH COURT OF JUDICATURE AT MADRAS
K.R. Shriram, CJ, Sunder Mohan, J
Commissioner of Income Tax – Appellant
Versus
M/s. The Cuddalore District Central Co-operative Bank Ltd. – Respondent
| Table of Content |
|---|
| 1. assessment of legitimate claims and their implications on penalties under the income tax act. (Para 2 , 3) |
On 21.09.2016, the Court was pleased to admit the appeals. The following substantial question of law was framed in both the appeals:
“Whether on the facts and in the circumstances of the case the Tribunal was right in holding that the penalty under Section 271 (1)(c) cannot be levied on the assessee, even though the assessee had claimed deductions under Section 36 (1)(viia)
among others which were not applicable to co-operative banks.”
2. In our view, as submitted by Shri.Sathiyanarayanan, the issue is squarely covered by the judgment of the Bombay High Court in Principal Commissioner of Income Tax v. ICICI Bank Ltd. 1, to which, one of us was a Member (K.R.Shriram, CJ). It will be useful to re-produce paragraphs 3 and 4 of the said judgment, which read as under:
1 [2024] 161 taxmann.com 454 (Bom.)
“3. Assessee challenged the assessment order before the Commissioner of Income Tax (Appeals) (CIT(A)) and thereafter before the ITAT. When assessee's appeal was pending before the ITAT, the AO issued a notice to assessee under Section 271 (1)(c) of the Act and the
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