Separate PAN and Return not Needed when Receipts of Institution Included in Financial Statement of Controlling Entity: ITAT deletes Penalty u/s 68 of Income Tax Act [Read Order]

By Fathima Karama A.M - On August 12, 2023 6:00 am - 2 mins read

PAN - Separate PAN - Separate PAN and Return not Needed when Receipts of Institution Included in Financial Statement - Statement of Controlling Entity - Receipts - taxscan

The Delhi Bench of IncomeTax Appellate Tribunal (ITAT) has deleted the penalty under Section 68 of the Income Tax Act 1961 holding that a separate Permanent Account Number (PAN) and filing of return would not be needed when receipts of institutions had been included in the financial statement of the controlling entity. B N Public…

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