No revision u/s 263 for claim of Bank of Maharashtra’s ₹1137 Crore deduction for Bad and Doubtful Debts

Bank of Maharashtra Vs PCIT (ITAT Pune) Conclusion: PCIT was not justified in assuming jurisdiction u/s 263 in the case of Bank of Maharashtra allowing deduction under Section 36(1)(via) as Assessing Officer’s (AO) assessment order was not erroneous, even if it was prejudicial to the interest of revenue. Held: Assessee -public sector bank had filed its income tax return for AY 2018-19, declaring a total loss of ₹1,612.29 crores under standard provisions. The return was processed under Section 143(1), and later, after scrutiny selection, a full assessment under Section 143(3) read with Sec...