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1 - 10 of 44 (0.70 seconds)The Companies Act, 1956
Dcit (Ltu) 2, Mumbai vs Union Bank Of India, Mumbai on 12 July, 2019
We note that the Ld.CIT(A) while allowing the claim of the
assessee has followed the decision of Union Bank of India vs.
DCIT (supra) wherein the following observations have been made.
Finance Act, 2012
The Banking Regulation Act, 1949
Finance Act, 2013
Section 211 in The Companies Act, 1956 [Entire Act]
The Finance Act, 2018
Collector Land Acquisition, Anantnag & ... vs Mst. Katiji & Ors on 19 February, 1987
The Ld.AR on the contrary opposed the delay to be condoned.
Considering the circumstances under which the delay was
caused in filing the present appeal before this Tribunal and that
nothing contrary could be established by the revenue before us.
We place reliance on following observations by Hon'ble Supreme
Court in case of Collector Land Acquisition Vs. Mst. Katiji &
Ors., reported in (1987) 167 ITR 471 wherein, Hon'ble
Court observed as under:-
Commissioner Of Income-Tax, ... vs Calcutta National Bank Limited(In ... on 20 April, 1959
16.5. We notice that the Hon'ble Mumbai Tribunal in the
above case has analysed the provisions of the Banking
Regulation Act to understand the nature of fine / penalty
paid before coming to the conclusion that the amount
claimed are routine fines or penalties and that they are
compensatory' in nature not punitive. We further notice as
observed by the CIT(A) in the order, the assessee has not
furnished the full details of the nature of payment made to
RBI. We are of the considered view that the provisions
under which these payments are done need to be looked
into in detail and it will not be correct to conclude without
analyzing the same. We therefore remand the case back to
the AO to look into the details of payments made to RBI to
see if these are routine payments for a procedural non-
compliance or whether they are punitive. We allow the
appeal of the assessee for statistical purposes."
Considering submissions of both sides, we remand this matter to
file of AO to look into the details/nature of payments made by
assessee to RBI in order to verify whether these are routine
payments for procedural non-compliances or were punitive in
nature. The Ld. AO is then directed to consider this issue in
accordance with law.