2020 (11) TMI 743

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....appeal in ITA No.3532/Mum/2019 for A.Y.2010-11 arises out of the order by the ld. Commissioner of Income Tax (Appeals)-3, Mumbai in appeal No.CIT(A)-3/IT-10587/2017-18 dated 15/02/2019 (ld. CIT(A) in short) against the order of assessment passed u/s.143(3) r.w.s. 147 of the Income Tax Act, 1961 (hereinafter referred to as Act) dated 28/12/2017 by the ld. Asst. Commissioner of Income Tax-1(3)(2), M....

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.... by issue of notice u/s 148 of the Act on 31.3.2017. The assessee responded that return already filed may be treated as a return filed in response to notice u/s 148 of the Act. In the re-assessment proceedings, we find that the ld AO had sought to examine the allowability of claim of deduction of exgratia amounting to Rs. 1,62,32,961/- . We find that the ld AO observed that Form 3CD filed by the a....

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....et profit was considered by the Board of Directors of the asessee bank at its Board meeting held on 26.5.2009, wherein resolution was passed to the effect of recommending payment for exgratia to employees. Pursuant to such approval, the exgratia payment becomes due to the employees and the said amount was credited to 'Provision for Ex-gratia Payment Account' in the books of accounts of assessee ba....

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....ase, we also find that this claim of deduction was upheld by this tribunal for the Asst Year 2007-08 in assessee's own case vide order dated 4.6.2014 which had been subsequently upheld by the Hon'ble Jurisdictional High Court vide its order in ITA No. 271 of 2015 dated 25.7.2017. We also find that this tribunal in assessee's own case for the Asst Year 2014-15 in ITA No. 4927/Mum/2017 dated 5.12.20....