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TMI Blog2024 (5) TMI 159X X X X Extracts X X X X X X X X Extracts X X X X ..... has been found as the excessive component in assessee s deduction claim which hardly deserves to be accepted for the purpose of computing the impugned deduction - HELD THAT:- Assessee has all along been claiming the impugned sum to be representing it s SLR i.e., Statutory Liquidity Ratio as mandatory compliance of the various banking norms applicable in case of a co-operative society. It is in th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... lving proceedings u/s. 143(3) of the Income Tax Act, 1961 (in short "the Act"). Heard both the parties. Case file perused. 2. Delay of 08 days in filing the instant appeal is condoned as per assessee's solemn averments in light of Collector, Land Acquisition vs., MST Katiji [1987] 167 ITR 471 (SC) having settled the law long back that all such technical aspects must make a way for the cause of s ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... and find merit in assessee's case. This is for the precise reason that the assessee has all along been claiming the impugned sum to be representing it's SLR i.e., Statutory Liquidity Ratio as mandatory compliance of the various banking norms applicable in case of a co-operative society. It is in this factual backdrop that hon'ble apex court's landmark decision CIT vs., Karnataka State Cooperative ..... X X X X Extracts X X X X X X X X Extracts X X X X
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