Belief formed by AO vague, far-fetched & irrelevant: Jharkhand HC quashes Income Tax Penalty & Demand [Read Order]

“…in the instant case the belief formed by the Assessing Officer suffers from lack of bonafides, is vague, far-fetched, irrelevant, based on conjecture and surmises and also arbitrary and irrational”
Income Tax - Jharkhand High Court - Income Tax Penalty - Income Tax Penalty and Demand - TAXSCAN

The Jharkhand High Court held that belief formed by Assessment Order is vague, far fetched and irrelevant, while quashing the income tax penalty and demand raised towards the assessee-company. The Petitioner-Company Pasari Casting & Rolling Mills Pvt. Ltd., is engaged in the business of manufacture of iron and steel products in the state of Jharkhand….

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