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S. 241(1)(c) Penalty cannot be imposed for merely for Rejection of Registration by RBI
Case Law Details
- Case Name
- Farrukhabad Investment (India) Ltd Vs DCIT (ITAT Agra)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 1997-98
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Farrukhabad Investment (India) Ltd Vs DCIT (ITAT Agra Third Member)
The Id. DR cited several reasons, which, in his opinion, justified imposition of penalty, such as,. the RBI rejecting the application for registration of NBFC; names and addresses of the depositors not available; no books of account or vouchers available; a qualification by the auditors of the company; payment of interest not ascertainable; no deduction of tax at source. These facts, in the opinion of the Id. DR, militate against the bona fide claim of the assessee. In my considered opinion, the factors as...
