Time taken for legal Remedy against Special Audit shall be excluded from Prescribed Time Limit: ITAT deletes Penalty u/s 27I(1)(b) of Income Tax Act [Read Order]

legal Remedy - Special Audit - Prescribed Time Limit - ITAT - Penalty - Income Tax Act - taxscan

The Chandigarh Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty under Section 27I(1)(b) of Income Tax Act holding that ties taken for legal remedy against the special audit shall be excluded from the prescribed time limit. The assessee Apeejay Education Society, had approached the Punjab and Haryana High Court for stay of…

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