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”
By Manu Sharma - On February 14, 2024 9:03 pm - 4 mins read
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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