ITAT Dismisses Appeal of Urban Co-operative Credit Society for Improper Filing Against Penalty u/s 271D of Income Tax Act 1961 [Read Order]
The tribunal asserted the importance of assessing, particularly co-operative societies and similar entities, to exercise caution in financial transactions and to ensure compliance with statutory provisions to avoid unintended penal consequences
In a recent ruling, the Nagpur Bench of the Income Tax Appellate Tribunal (ITAT) dismissed the appeal filed by Shri Sant Gajanan Maharaj Urban Co-operative Credit Society for the assessment year 2018–19, arising from the penalty imposed under Section 271D of the Income Tax Act, 1961. The appeal, which contested the levy of a penalty…
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