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2021 (3) TMI 1298
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....Sunil Ganoo Revenue by: Shri S.P. Walimbe ORDER PER S.S. VISWANETHRA RAVI, JM : This appeal by the Revenue against the order dated 25-09-2017 passed by the Commissioner of Income Tax (Appeals)-5, Pune ['CIT(A)'] for assessment year 2014-15. 2. The only issue is to be decided is as to whether the CIT(A) justified in deleting the addition made u/s. 40A(2)(b) of the Act in the facts an....
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....airman of the Cosmos Foundation. The AO held the payment of Rs. 9,77,72,665/- to Cosmos Foundation is a colorable device to divert the taxable income of the bank into an entity whose income is non-taxable. Further, he held that the assessee bank is getting the benefit of section 37 of the Act by claiming the said payment as expenses for business purpose and the recipient trust is getting the benef....
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....that the disallowance to be deleted in terms of decision of this Tribunal in assessee's own case. Considering the same the CIT(A) deleted the disallowance made on account of payment to Cosmos Foundation. 5. The ld. DR, Shri S.P. Walimbe before us heavily placed reliance on the order of AO and supported the reasons recorded by the AO for such disallowance. 6. The ld. AR, Shri Sunil Ganoo supp....