The Karimnagar District Cooperative Central Bank Limited vs. Income Tax Officer

Parties Involved

Facts Summary

The assessee, a cooperative bank, filed its income return declaring an income of Rs.9,50,67,410/- for the assessment year 2018-19 and paid the taxes thereon. During the assessment proceedings, the assessee realized that they had not added back the excess provision made over the actual gratuity amount provided during the year. They immediately offered the differential amount of Rs.16,19,486 to tax. The assessing officer completed the assessment by making an addition of Rs.16,19,486/- and levied a penalty of Rs.5,60,470/- under section 270A of the Act. The assessee appealed to the Commissioner of Income Tax (Appeals) who dismissed the appeal on the ground that the assessee had not uploaded the details of paying tax up to October 2021.…

Legal Issues

• 1. Whether the assessee is entitled to immunity from penalty under section 270AA(3) of the Act?

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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