2018 (3) TMI 1603

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...., A. M. This appeal by the assessee is directed against the order by the Commissioner of Income Tax (Appeals) dated 01.12.2015 and pertains to the assessment year 2009- 10. 2. The grounds of appeal read as under: 1. In the facts and circumstances of the case and in law, the learned A.O. erred in levying penalty of Rs. 22,42,719/- in respect of the claim of deduction u/s. 36(1)(viia)....

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....vide order dated 22.3.2017 has deleted the penalty by observing as under: 4. We have heard the rival contention of both the parties. We find that the assessee has merely failed to provide the provision in bad debt and doubtful debt though the provision is made as per RBI guidelines in the earlier was excess. The assessee has directly claimed the deduction in computation of income instead ....