Penalty Proceedings under Income Tax Act initiated on wrong assumption: Madras HC sets aside the proceedings [Read Order]

Madras HC set aside the penalty proceedings initiated on the wrong assumption

By Yogitha S. Yogesh - On January 6, 2024 2:03 pm - 3 mins read

Penalty Proceedings - Income Tax Act - Wrong Assumption-Madras HC - Proceedings-TAXSCAN

The Madras High Court set aside the penalty proceedings under the Income Tax Act, 1961 initiated on the wrong assumption. Anamallais Bus Transports P Ltd, the petitioner assessee-Company has advanced a sum of Rs.14,00,00,000/- to M/s. Shakti Sugar Ltd., and M/s. Shakti Sugar Ltd., on the request of the petitioner assessee-Company, (since M/s. Shakti Sugar…

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