Allahabad HC Quashes Huge Tax Demand: Income Tax Dept Slapped with Rs. 50 Lakhs Cost for Abuse of Power and Violation of Natural Principles [Read Order]

By Taxscan Team - On August 17, 2022 4:32 pm - 2 mins read
Allahabad HC - Tax Demand - Income Tax Dept - Abuse - Violation of Natural Principles - taxscan

In a significant ruling, the Allahabad High Court has quashed a re-assessment order under section 147/148 of the Income Tax Act, 1961, passed by the income tax department demanding huge amount of tax without any basis. While quashing the order, a bench of Justice Surya Prakash Kesarwani, and Justice Jayant Banerji imposed a cost of…

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