Inadvertent Error in statement during Hearing cannot be Reason for Levy of penalty u/s 272(1)(c) of Income Tax Act: ITAT quashes Penalty against Kotak Mahindra Bank [Read Order]

Inadvertent Error in statement during Hearing cannot be Reason for Levy of penalty - Income Tax Act - ITAT quashes Penalty against Kotak Mahindra Bank - TAXSCAN

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) quashed penalty on the grounds that an inadvertent error in statement made by the assessee during Hearing cannot be Reason for Levy of penalty under Section 272(1)(c) of Income Tax Act, 1961. The assessee, Kotak Mahindra is a banking company that was merged with the assessee…

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