Money cannot be treated as ‘Unaccounted’ merely because of Non-Response from Creditors: ITAT deletes Penalty [Read Order]

Money - Unaccounted - Non-Response - Creditors - ITAT - Penalty - Taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi bench, while deleting penalty under section 271(1)(c) of the Income Tax Act, 1961 has held that the money cannot be treated as ‘unaccounted’ merely because of non-response from the creditors solely because of non-response from the creditors. The assessee, Royal Rubber Works is a partnership firm. For the…

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