Karnataka HC sets aside Income Tax Penalty Notice and Order issued by AO on Unwarranted Genuineness Doubts ignoring Society’s Submissions [Read Order]

In a recent ruling, the Karnataka High Court set aside the assessment order and penalty notices due to the assessing officer’s unwarranted doubts about the genuineness of the transaction, ignoring the society’s submissions. Shivakumaraswamy Credit Co-operative Society Ltd., the petitioner challenges various notices and orders issued by the Income Tax Department related to the assessment…