Set Off of Business Loss by Showing Bogus Transactions: ITAT upholds Income Tax Penalty [Read Order]

By Taxscan Team - On June 13, 2022 4:23 pm - 2 mins read
Business Loss - Bogus Transactions - ITAT - Income Tax Penalty - taxscan

The Ahmedabadbench of Income Tax Appellate Tribunal has upholds Income Tax Penalty forset off of business loss by showing bogus transactions. The appellant, Gujarat Smelting & Refining Co. Ltd., is engaged in the activity of manufacturing of aluminium alloys casting. During the course of assessment, the assessee failed to justify the business loss shown by…

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