Genuineness of Cash Sales cannot be Proved Merely on ground of Acceptance by VAT Authorities: Himachal Pradesh HC upholds Income Tax Penalty [Read Order]

By Taxscan Team - On July 21, 2022 5:24 pm - 2 mins read
Cash Sales - VAT Authorities - Himachal Prades HC - Income Tax Penalty - taxscan

The Himachal Pradesh High Court has held that acceptance of cash sales by the VAT authorities cannot be a sole ground to prove the genuineness of the transactions in order to remove the penalty under Section 271(1)(c) of the Income Tax Act, 1961. During the relevant year, the AO found that the respondent-assessee, M/s JMJ…

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