Transaction Between 2 Companies Cannot come u/s 269SS on Amalgamation: ITAT Deletes Penalty u/s 271E [Read Order]

By Fathima Karama A.M - On June 10, 2023 6:00 am - 2 mins read
Transaction Between 2 Companies - Transaction - 2 Companies - Amalgamation - ITAT Deletes Penalty - taxscan - Income tax - itat

The Delhi Bench of Income Tax Appellate Tribunal (ITAT) has deleted the penalty under Section 271E of the Income Tax Act 1961 holding that the transaction between 2 companies could not come under Section 269SS of the Income Tax Act upon amalgamation. Thee assessee Trans Asia Packaging Ltd.(TAPL)  was a limited company engaged in manufacturing…

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