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Case Law Details

Case Name : DCIT Vs. ICICI Bank Ltd. (ITAT Mumbai)
Related Assessment Year : 1997-1998
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DCIT Vs. ICICI Bank Ltd. (ITAT Mumbai)

The issue under consideration is whether the CIT(A) is correct in deleting the penalty levied u/s 271(1)(c) on the disallowance of expenses made u/s.35D?

ITAT states that, the assessee claimed deduction of preliminary expenses u/s 35D which was rejected by Ld.AO in terms of decision of Hon’ble Madras High Court in Agro Cargo Transport Ltd. V/s CIT. ITAT find that this issue was debatable one and the mere rejection of assessee’s cl

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