No Penalty u/s 271(1)(c) of Income Tax Act can be Imposed when Assessee Sufficiently Proved the Bonafides of Losses Claimed: ITAT [Read Order]

By Ipsita Das - On September 19, 2023 2:12 pm - 2 mins read
No- Penalty- Income -tax- Act - Imposed - Assessee- Sufficiently - Bonafides - Losses -Claimed-ITAT-TAXSCAN

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) held that if bona fides of the losses claimed are sufficiently proved by the assessee and the onus has been primarily discharged on the parameters of penalty proceedings. Thus the Bench upheld the decision of Commissioner of Income Tax (Appeals) [CIT(A)] in deleting the penalty imposed….

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