Punjab National Bank Vs ITO (Gujarat High Court)
Exemplary Cost imposed for passing such High Pitched Assessment Order contrary to the facts available on record
Petitioner-Punjab National Bank(PNB) prayed for quashing & setting aside the SCN issued u/s 148 by Income Tax Officer, Ward No.1(1), Bharuch & the assessment order passed byAO together with Notices for levy of penalty u/s 274 r.w.s. 271AAC(1), 272A(1)(d) & 271F.
BACK GROUND
Petitioner-Bank(PNB) is successor entity of erstwhile Oriental Bank of Commerce (OBC) which was a nationalized bank engaged in banking activities on Pan-India basis having PAN Number allotted “AAACO0191M”.
For the AY 2009-10, when TDS returns of Regional Offices/Branches of several classes tax payers were filed by the regional offices/branches of the OBC, a PAN bearing number ‘AAACO7436M’ was obtained for TDS compliances of Bharuch Branch. At the relevant time, the said OBC Bank received a letter dated 09.08.2012 as well as notice of the same date u/s 142(1) from AO for not filing return of income for AYs 2009-10 & 2010-11 which was responded by the OBC Bank by filing provisional receipts/TDS returns of said branch for the relevant period stating that only TDS returns of the said branch have been filed under the said PAN.
