ITAT Upholds Deletion of Penalty imposed u/s 271(1)(c) of Income Tax Act on ground of Genuine Disclose of Payment of Non-compete Fee [Read Order]

ITAT Upholds Deletion of Penalty imposed - Deletion of Penalty - ITAT - Penalty - Income Tax Act - Disclose of Payment of Non-compete Fee - Payment of Non-compete Fee - Taxscan

The New Delhi bench of the Income Tax Appellate Tribunal (ITAT) upheld the deletion of the penalty imposed under section 271(1)(c) of the Income Tax Act, 1961 on the ground of the genuine disclose of all the material facts relating to the payment of a non-compete fee.  Hindustan Coca-Cola Beverages Pvt. Ltd, the respondent-assessee was…

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