ITAT Sets Aside Rs.1.25 Crore Penalty on UP State Bridge Corp, Orders Fresh Review Linked to Pending Quantum Appeal [Read Order]
Specifically, the addition on account of the Exchange Variation Reserve was sent back to the CIT(A), and the 100% depreciation claim on shuttering items was referred back to the Assessing Officer for re-examination in line with directions given by the CIT(A)
By Adwaid M S - On May 29, 2025 9:05 am - 2 mins read
The Lucknow Bench of the Income Tax Appellate Tribunal (ITAT) has set aside a penalty of Rs.1.25 crore imposed on UP State Bridge Corporation Ltd. under Section 271(1)(c) of the Income Tax Act, 1961. The Tribunal has directed a fresh adjudication of the penalty matter in connection with the pending outcome of the quantum appeal….
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