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TMI Blog2017 (3) TMI 1672X X X X Extracts X X X X X X X X Extracts X X X X ..... ation of income instead of providing same in the books for debting in the P & L account as per the provisions of the Act. The assessee had neither concealed nor filed any inaccurate particulars of income. The assessee has duly disclosed the facts of income in its return of income filed before the department. Therefore, we are of the view that the issue in controversy is covered by the decision ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er section 271(1)(c) of the Income Tax Act, 1961 (in short the Act ). The only ground in this appeal reads as under: 1. On the facts and in the circumstances of the case, the Ld. CIT (A)-3, Thane has erred in deleting the penalty u/s 271(1)(c) of the I. T. Act, 1961 without appreciating the fact that the assessee bank has claimed deduction u/s 36(1)(viia) of the I. T. Act, 1961 without maki ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ideration as against ₹ 1,25,00,000/- in the previous year. However, in computation of income, the assessee had claimed deduction of ₹ 60,24,753/- u/s 36(1)(viia). The A.O., therefore, concluded that since the assessee has not made any provision under the head Bad and doubtful debt as per the provision of Section 36(1)(viia) of the Act, during the year, hence, he disallowed the claim ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly failed to provide the provisions for bad and doubtful debts, though the provisions made as per RBI guidelines, in the earlier year, was in excess. The appellant has directly claimed the deduction in the computation of income instead of providing the same in the books for debiting in the profit loss account, as per provision of the Act. The appellant, therefore, neither concealed any income no ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... s duly disclosed the facts of income in its return of income filed before the department. Therefore, we are of the view that the issue in controversy is covered by the decision of Hon ble Supreme Court in the case of CIT vs. Reliance Petroproduct(supra) wherein it is held that a mere making claim which is not sustainable in law will not amount to furnishing inaccurate particulars regarding the inc ..... X X X X Extracts X X X X X X X X Extracts X X X X
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