Karnataka HC sets aside Income Tax Penalty Notice and Order issued by AO on Unwarranted Genuineness Doubts ignoring Society’s Submissions [Read Order]

Considering that the AO ignored the assessee’s submissions of documents, Karnataka HC set aside the order and penalty notices
By Kavi Priya - On September 18, 2024 5:17 pm - 2 mins read
karnataka High Court - Karnataka HC - Income Tax - Penalty Notice - Unwarranted Genuineness - AO - assessing officer - Income Tax Penalty - TAXSCAN

In a recent ruling, the Karnataka High Court set aside the assessment order and penalty notices due to the assessing officer’s unwarranted doubts about the genuineness of the transaction, ignoring the society’s submissions. Shivakumaraswamy Credit Co-operative Society Ltd., the petitioner challenges various notices and orders issued by the Income Tax Department related to the assessment…

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