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has preferred an appeal against the said order before the Hon’ble ITAT which is still
pending for hearing. Further, penalty amounting to ` 56 Crore u/s 271 (1) (c) has been
imposed by the AO and the same has been adjusted by the Income Tax Department
from the refund due for the same assessment year i.e., AY 2003-04 from the proceedings
as mentioned in the previous paragraph. The Bank has preferred an appeal against the
said order before the Commissioner of Income Tax, Appeal [CIT(A)], which is pending
for hearing.
For assessment years (AYs) 2010-11 to 2016-17 (except A.Y. 2015-2016), there are certain
disallowances made by AO. The Bank had filed an appeal against the said orders before
various income tax authorities. The status of the said appeals is as under: -
For AY 2010-11 & AY 2011-12, ITAT has passed an order in favour of the Bank. The Bank
has filed the appeal effect before the Income Tax Department and accordingly, received
the requisite refund for both the relevant assessment years. However, the Income Tax
Department has filed an appeal before the Hon’ble Delhi High Court for AY 2010-11
& AY 2011-12 against the said ITAT order, which is pending for hearing. The Bank
has taken the appeal effect of the aforesaid ITAT order and accordingly there in no
Demand/refund pending for both the relevant assessment years.
For AY 2012-13, the assessing officer made an addition of Rs. 2,31,16,819/- in order
passed u/s 143(3) and created a demand of Rs. 1.03 crores. Further, the addition was
reduced to Rs. 1,58,48,069/- and the demand was reduced to NIL after adjusting the
refund of the relevant assessment year while passing the order u/s 154 of the Income
Tax Act, 1961. ITAT has passed an order in favour of the Bank. However, the Bank
has not received any further communication/information on whether the Income Tax
Department has filed further appeal or not. The appeal Effect of the ITAT order is
pending by the Income Tax department.
For AY 2013-14, the assessing officer made an addition of Rs. 2,24,70,969/- and created
NIL demand after adjusting the refund of the relevant assessment year in order passed
u/s 143(3) of the Income Tax Act, 1961. The Bank has preferred appeal against the said
order before the Ld. CIT(A). The Bank has received partly favorable order from the Ld.
CIT(A). The appeal Effect of the CIT(A) order is pending by the Income Tax department.
The Bank has further made an appeal before the Hon’ble ITAT. The ITAT appeal is still
pending for hearing.
For AY 2014-15, the assessing officer made an addition of Rs. 32,21,981/- in order passed
u/s 143(3) and created an incorrect demand of Rs. 13.67 crores by not providing the
credit of advance Tax of Rs. 38 Cr. Further, the demand was reduced to NIL and refund
of Rs. 25.02 Cr has arisen after adjusting the demand in the order passed u/s 154 of
Annual Report 2020-21 | 307
pending for hearing. Further, penalty amounting to ` 56 Crore u/s 271 (1) (c) has been
imposed by the AO and the same has been adjusted by the Income Tax Department
from the refund due for the same assessment year i.e., AY 2003-04 from the proceedings
as mentioned in the previous paragraph. The Bank has preferred an appeal against the
said order before the Commissioner of Income Tax, Appeal [CIT(A)], which is pending
for hearing.
For assessment years (AYs) 2010-11 to 2016-17 (except A.Y. 2015-2016), there are certain
disallowances made by AO. The Bank had filed an appeal against the said orders before
various income tax authorities. The status of the said appeals is as under: -
For AY 2010-11 & AY 2011-12, ITAT has passed an order in favour of the Bank. The Bank
has filed the appeal effect before the Income Tax Department and accordingly, received
the requisite refund for both the relevant assessment years. However, the Income Tax
Department has filed an appeal before the Hon’ble Delhi High Court for AY 2010-11
& AY 2011-12 against the said ITAT order, which is pending for hearing. The Bank
has taken the appeal effect of the aforesaid ITAT order and accordingly there in no
Demand/refund pending for both the relevant assessment years.
For AY 2012-13, the assessing officer made an addition of Rs. 2,31,16,819/- in order
passed u/s 143(3) and created a demand of Rs. 1.03 crores. Further, the addition was
reduced to Rs. 1,58,48,069/- and the demand was reduced to NIL after adjusting the
refund of the relevant assessment year while passing the order u/s 154 of the Income
Tax Act, 1961. ITAT has passed an order in favour of the Bank. However, the Bank
has not received any further communication/information on whether the Income Tax
Department has filed further appeal or not. The appeal Effect of the ITAT order is
pending by the Income Tax department.
For AY 2013-14, the assessing officer made an addition of Rs. 2,24,70,969/- and created
NIL demand after adjusting the refund of the relevant assessment year in order passed
u/s 143(3) of the Income Tax Act, 1961. The Bank has preferred appeal against the said
order before the Ld. CIT(A). The Bank has received partly favorable order from the Ld.
CIT(A). The appeal Effect of the CIT(A) order is pending by the Income Tax department.
The Bank has further made an appeal before the Hon’ble ITAT. The ITAT appeal is still
pending for hearing.
For AY 2014-15, the assessing officer made an addition of Rs. 32,21,981/- in order passed
u/s 143(3) and created an incorrect demand of Rs. 13.67 crores by not providing the
credit of advance Tax of Rs. 38 Cr. Further, the demand was reduced to NIL and refund
of Rs. 25.02 Cr has arisen after adjusting the demand in the order passed u/s 154 of
Annual Report 2020-21 | 307
