No Penalty on Refund of Advance from Customers in Cash under a Bonafide Belief: ITAT [Read Order]

The Cuttack bench of the Income Tax Appellate Tribunal (ITAT) has held that penalty under Section 273B of the Income Tax Act, 1961 cannot be levied if the assessee received refund of advance from customers under a bonafide belief that it does not violate Section 269T of the Income Tax Act. In the instant case, […]

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