2022 (6) TMI 1567

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.... u/s. 263 dated 02/03/2021 is illegal and invalid: 1.1 The learned Principal Commissioner of Income-tax erred in issuing the notice u/s. 263 of the Income-tax Act, 1961 dated 12.03.2020. 1.2 The learned Principal Commissioner of Income-tax failed to appreciate that the said notice u/s. 263 dated 12.03.2020 is illegal and invalid being without authority in law and without jurisdiction. 1.3 The learned Principal Commissioner of Income-tax failed to appreciate that the assessment order 28.12.2017 is neither erroneous nor prejudicial to the interest of the revenue. 1.4 The learned Principal Commissioner of Income-tax failed to appreciate that the claim for deduction of Rs. 39,27,047/- u/s.36(1)(vii) was allow....

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....ion. 2.4 The learned Principal Commissioner of Income-tax failed to appreciate that the claim for deduction of Rs. 39,27,047/- u/s.36(1)(vii) is allowable deduction and the claim is also supported by the decision of the jurisdictional Mumbai Bench of the Income Tax Appellate Tribunal dated 12/09/2017 in the case of City Cooperative Bank Ltd., in ITA no. 2884/Mum/2015. 3. The appellant craves leave to add, amend, alter and/or delete any of the grounds of appeal." 3. At the time of hearing, Ld. AR brought to our notice that similar grounds were raised before the Coordinate Bench in ITA. No. 623/Mum/2021 for the A.Y. 2011-12 and the Coordinate Bench has considered and adjudicated the issue in favour of the assessee and he ....

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....2006 by insertion of sub-section (4) in section 80P the assessee was not entitled for deduction under section 80P from A.Y. 2007-08. The deduction under section 36(1)(vii) is available in respect of bad debts written off subject to the fulfilment of the conditions specified under section 36(2). Section 36(1)(viia) provides for the treatment of provisions for bad and doubtful debts of an amount not exceeding 7.5% of the total income (computed before making any deduction under this clause and Chapter VIA) and an amount not exceeding 10% of the aggregate average advances made by the rural branches of such banks. The provisions of Section 36(1)(vii) and section 36(1)(viia) are distinct and independent. The provisions of Section 36(1)(viia) are ....