Imposing Penalty beyond time period prescribed by u/s 275(1) (c) of Income Tax Act: ITAT deletes Penalty on cash receipt of loans

ITAT deleted the penalty on cash receipt of loans, citing the imposition of the penalty beyond the time period prescribed by under section 275(1) (c) of the Income Tax Act 1961
ITAT - ITAT Delhi - Cash receipt of loans - ITAT penalty deletion on cash receipt of loans - Imposing Penalty - Penalty - Income Tax - Income Tax penalty - TAXSCAN

The Delhi bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty on cash receipt of loans, citing the imposition of the penalty beyond the time period prescribed by under section 275(1)(c) of the Income Tax Act 1961. The issue to be decided was whether involved in the appeals challenging the levy…

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