ITAT Delhi Upholds Major Relief to PNB – ₹2,000+ Crore Disallowances Deleted

DCIT Vs Punjab National Bank (ITAT Delhi) ITAT Delhi upholds major relief to PNB – ₹2,000+ crore disallowances struck down; consistency & banking precedents prevail Revenue’s appeal against Punjab National Bank (erstwhile Oriental Bank of Commerce) for AY 2017-18 challenged multiple deletions made by CIT(A)/NFAC, involving disallowances aggregating over ₹2,000 crore. The ITAT dismissed all 11 grounds raised by the department, reaffirming established legal precedents & the bank’s consistent victories in prior years. The appeal had a delay of 458 days, which was condoned citing...