The Nalleppilly Service Co-op. Bank Ltd. vs. AICT, Circle - 1

Parties Involved

Facts Summary

This assessee's appeal for A.Y. 2010-11 arises against the order of the National Faceless Appeal Centre, Delhi [CIT(A)] dated 10.03.2023, in proceedings u/s. 143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter 'the Act'). The learned counsel for the assessee submits that both the lower authorities have erred in law and on facts in disallowing its deduction claim u/s. 36(1)(viia) of the Act amounting to Rs. 92,41,386/- despite the fact that this taxpayer's computation statement itself had added back the very amount as per the documents filed on record. The Revenue's only case before the tribunal is that the matter requires more factual reconsideration and then detailed adjudication.…

Legal Issues

• 1. Whether the lower authorities erred in law and on facts in disallowing the deduction claim u/s. 36(1)(viia) of the Act?

Judgment Outcome

Decided in favour of Assessee.

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