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….

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?

Enjoy our website without interruptions from advertisements
Receive Daily newsletters
Receive realtime Telegram/Whatsapp news updates
Download original Judgements / Order / Notifications / Circulars, etc
Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)

₹1199 + GST for 1 year

Subscribe Now

Topics