Money cannot be treated as ‘Unaccounted’ merely because of Non-Response from Creditors: ITAT deletes Penalty [Read Order]

By Taxscan Team - On July 26, 2022 6:30 am - 2 mins read
Money - Unaccounted - Non-Response - Creditors - ITAT - Penalty - Taxscan

The Income Tax Appellate Tribunal (ITAT), Delhi bench, while deleting penalty under section 271(1)(c) of the Income Tax Act, 1961 has held that the money cannot be treated as ‘unaccounted’ merely because of non-response from the creditors solely because of non-response from the creditors. The assessee, Royal Rubber Works is a partnership firm. For the…

Your free access to Taxscan has Expired

To read the article, get a premium account.

Taxscan Premium

Why should you subscribe?
  • Enjoy our website without interruptions from advertisements
  • Receive Daily newsletters
  • Receive realtime Telegram/Whatsapp news updates
  • Download original Judgements / Order / Notifications / Circulars, etc
  • Enjoy exclusive entry fees to Simplified series. (Webinars, Seminars, masterclasses, etc.)
  ₹2299 + GST for 1 year

Subscribe Now

Already a member? Log in here

Topics

taxscan-loader