Penalty Deleted Because 115JB MAT Does Not Apply to Certain Banks

Advertisement DCIT Vs Central Bank of India (ITAT Mumbai) Mumbai ITAT Confirms Deletion of ₹305.49 Cr Penalty—MAT u/s 115JB Not Applicable to Nationalised Banks: Mumbai   Tribunal   dealt with Revenue’s challenge against deletion of a massive penalty of ₹305,49,63,285/- levied u/s 271(1)(c). The penalty was based on  AO’s treatment of bad debts written off of ₹14,31,45,93,495/- in the computation of book profit u/s 115JB (MAT). CIT(A) had deleted the penalty relying on the Tribunal’s Special Bench ruling in Union Bank of India (ITA 3740/Mum/2018, order dated 06-09-2024), ...