ITAT Agra: 20% Adhoc Expense Disallowance Deleted; Overdue Interest Remanded; 36(1)(viia) Deduction Restored

Farrukhabad District Cooperative Bank Ltd Vs DCIT (ITAT Agra) Adhoc 20% Expense Disallowance Deleted for Cooperative Bank; Provision for Overdue Interest Remanded and Section 36(1)(viia) Deduction Restored – ITAT Agra The Agra Bench of the ITAT partly allowed the appeals of a District Cooperative Bank for AYs 2008-09 and 2012-13, granting major relief by deleting arbitrary disallowances and remanding technical issues for fresh verification. For AY 2008-09, the Assessing Officer had made an adhoc disallowance of 20% of total expenditure (₹1.91 crore) on the ground of non-production of books...