Penalty u/s 271C based on Mere Assumption without Supporting Evidence is Invalid: ITAT [Read Order]

Penalty - assumption - supporting evidence - ITAT - taxscan

The Delhi bench of the Income Tax Appellate Tribunal (ITAT) held that penalty u/s 271C of the Income Tax Act,1961 based on mere assumption without supporting evidence is not sustainable hence it is invalid. The assessee was represented by Shri Salil & Sh. Shailesh Gupta and the revenue was represented by Sh. Parikshit Singh, Sr….

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