No Income Tax Penalty Leviable u/s 271FA without Reportable Transactions: ITAT [Read Order]

No Income Tax Penalty - Income Tax Penalty - Transactions - ITAT - taxscann

The Delhi bench  of  Income Tax Appellate Tribunal (ITAT) recently held that no Income Tax Penalty can be levied under Section 271FA of Income Tax Act, 1961 without having any reportable transactions. The assessee Motor & General Finance Ltd.is engaged in the single primary business of Leasing / Renting of immovable property and has only…

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