Non-Response to Notices u/s 142(1): ITAT Imposes Cost of Rs. 10,000 on Foreign Portfolio Investor [Read Order]

Non-Response to Notices - Notices - ITAT Imposes Cost - ITAT - Cost - Foreign Portfolio Investor - taxscan

The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) recently upheld the imposition of a cost of Rs. 10,000 on a foreign portfolio investor (FPI) for failing to respond to notices issued under section 142(1) of the Income Tax Act and found that the FPI’s non-response to the notices had prevented the assessing officer…

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