Penalty of Rs. 1L imposed under Income Tax Act for Non Completion of Audit on Time: Supreme Court sets aside Penalty [Read Judgement]

The Supreme court refused to interfere with the impugned judgment and order passed by the High Court.
Income Tax Act - Supreme Court - Penalty - Income Tax - taxscan

The Supreme Court set aside the penalty of Rs. 100,000 imposed under the Income Tax Act for non-completion of the audit on the Stipulated time frame. The Special Leaving Petition ( SLP ) arose from the impugned final judgment and order passed by the Bombay High Court. Laurel Wires Ltd, the appellant is engaged in…

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