Penalty initiation based on incorrect interpretation: HC directs consideration of appeal without insisting on deposit

Annamalai Bus Transports P Ltd. Vs PCIT (Madras High Court) Madras High Court addresses penalty proceedings in Annamalai Bus Transports vs. PCIT for AY 2018-19. No cash transaction, emphasizes fair assessment. Introduction: The Madras High Court dealt with a Writ Petition challenging an order passed by the Principal Chief Income Tax Commissioner (PCIT) directing the petitioner to pay 20% of the disputed demand in penalty proceedings for the Assessment Year 2018-19. Facts of the Case: The petitioner, Annamalai Bus Transports P Ltd., had filed its return of income for the AY 2018-19, declaring a...