2012 (1) TMI 254

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..... eal by assessee is directed against the order passed by the Commissioner of Income-tax (Appeals) on 27.01.2011 upholding penalty u/s 271(1)(c) in relation to the assessment year 2007-2008. 2. Briefly stated the facts of this case are that the assessee filed its return declaring total income of Rs. Nil and claimed refund of ₹ 1.54 crore. The Assessing Officer finalized the assessment u/s 143 .....

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..... d that the provisions of section 115JB cannot be applied to the assessee foreign bank. Another decision of the Chennai Bench of the Tribunal in Indian Bank Vs. Addl.CIT in ITA No.469/Mds/2010 dated 3rd August, 2011 has also been placed on record holding to the same effect. In view of these decisions, it becomes apparent that the provisions of section 115JB cannot apply to a foreign bank. The insta .....

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