2022 (7) TMI 223

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....k Kotangle a/w. Mr. P.A. Narayanan a/w. Mr. Sandeep Gupta for the Respondents. P.C. Heard the learned Counsel for the parties. 2. By this Appeal, the Appellant has challenged the order passed by the Income Tax Appellate Tribunal, Mumbai dated 30 December 2002 in Income Tax Appeal No. 1709/Bom/1995 for the assessment year 1990-91. 3. The Appeal was admitted on 15 October 2004 framing the follow....

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....ibunal which was dismissed by the impugned order. 5. The Tribunal dismissed the Appeal observing thus: "4. We have carefully considered the rival submissions and perused the record. As per the A/R, on the CRR maintained by the assessee, interest is receivable @ 3 % per annum whereas when there is a failure to maintain the CRR, the assessee is liable to pay penal interest @ 3 % above the bank ra....

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....in nature. The learned CIT (A) having given detailed reasons in coming to the conclusion that the interest is not compensatory in nature, we see no reason to interfere with his order." 6. The learned Counsel for the parties have placed before us the decision of this Court in the case of The Commissioner of Income Tax-2 vs. Bank of Baroda Income Tax Appeal No. 4169 of 2009 decided on 15 February 2....