Decision of jurisdictional HC is binding precedent: ITAT Jaipur

Kota Central CO-OP. Bank Ltd Vs DCIT (ITAT Jaipur)

Assessee is a co-operative Bank. Assessment was completed u/s 143(3) at Rs. 7, 86, 05,056/- after allowing a claim of Rs.23,27,543/- towards contribution towards PACS development fund as business expenditure. Thereafter, by virtue of the audit comments, a notice u/s. 154 of the Act was issued vide dated: 11.03.2022. Subsequently notice u/s 154 was issued and claim of the assessee towards contribution to PACS development fund was disallowed after relying upon the decision of the Hon’ble High Court of Rajasthan in the case of Churu

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