Penalty Deleted Because 115JB MAT Does Not Apply to Certain Banks

DCIT Vs Central Bank of India (ITAT Mumbai)

Mumbai ITAT Confirms Deletion of ₹305.49 Cr Penalty—MAT u/s 115JB Not Applicable to Nationalised Banks:

Mumbai   Tribunal   dealt with Revenue’s challenge against deletion of a massive penalty of ₹305,49,63,285/- levied u/s 271(1)(c). The penalty was based on  AO’s treatment of bad debts written off of ₹14,31,45,93,495/- in the computation of book profit u/s 115JB (MAT).

CIT(A) had deleted the penalty relying on the Tribunal’s Special Benc

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