HC justified levy of penalty as amount claimed as exp. by assessee was appropriation of profit

IT : Where Assessing Officer having noticed that assessee, a co-operative bank, had debited amount of advance tax paid under head other expenditure and it had also debited a certain amount in profit and loss account as loss from sale of or dealing with non-banking business even though it was not an expense but an appropriation of profit disallowed said amounts and included same in income of assessee and also imposed penalty upon it under section 271(1)(c), penalty was rightly imposed

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