Shri Ram Co-op Credit Society Ltd. vs ACIT, Panchmahal Circle

Parties Involved

Facts Summary

The assessee, Shri Ram Co-op Credit Society Ltd., filed an appeal against the order of the Commissioner of Income Tax (Appeal), National Faceless Appeal Centre (NFAC), Delhi dated 11.06.2023 for the Asst.Year 2017-18. The appeal pertains to the levy of penalty under section 270 of the Income Tax Act, 1961. The assessee argued that the penalty proceedings were initiated without specifying whether the penalty was for underreporting or misreporting of income, which is against legal principles. The assessee also challenged the penalty levied on disallowance of deductions claimed under section 80P of the Act on interest earned from scheduled banks.…

Legal Issues

• 1. Whether the penalty proceedings were initiated for underreporting or misreporting of income?
• 2. Whether the penalty levied on disallowance of deductions claimed under section 80P of the Act on interest earned from scheduled banks is sustainable?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Shri. Laxmi Venkatesh Credit Co-op Society Limited vs. Income Tax Officer

  Bangalore bench

• ITA 2245 and 2246/BANG/2026

  Bangalore bench

• Union Bank Co-op. Credit Society Ltd. vs. The Dy.CIT

  Ahmedabad bench

• Koshambh Multitred Pvt. Ltd. vs. Deputy Commissioner of Income Tax

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• ITA no. 133/Del/2024

  Delhi bench

• Pradipta Kumar Guha Vs. National Faceless Assessment Centre, New Delhi

  Delhi Bench benchAY 2017-18Allowed