S. 272B – No Penalty for non production of Data at the time of survey for genuine reasons

HIGH COURT OF GUJARAT ITO V/s. Adinath Cooperative Bank Ltd. Tax Appeal No. 1420 of 2010 January 11, 2012 JUDGMENT Ms. Sonia Gokani J.  Brief outline of the factual details at the outset is necessary for determination of this Tax Appeal. 1.1 Respondent-assessee is Co-operative Bank engaged in the business of Banking. Survey was carried out on 27.12.2005 for verifying the regularity in opening bank account. On having found alleged breaches in complying with the various provisions of law while opening the bank account, a show cause notice was issued on 6.1.2006 calling upon th...