The division bench of the Bombay High Court has held that penalty cannot be levied under the Income Tax merely on the ground that a deduction claim was rejected by the department. The assessee is a Co-operative Bank. For the relevant A.Y under consideration, the assessee had incurred expenditure for acquisition of three co-operative Banks. […]
The post Penalty can’t be levied for Rejection of Bonafide Claim: Bombay High Court [Read Order] appeared first on Taxscan | Simplifying Tax Laws.
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