Karnataka HC Quashes Assessment order for Ignoring Submissions on Genuineness

Shivakumaraswamy Credit Co-Operative Society Ltd. Vs ITO (Karnataka High Court) The Karnataka High Court has delivered a ruling in favor of the Shivakumaraswamy Credit Co-Operative Society Ltd., setting aside a series of notices and assessment orders issued by the Income Tax Department. The petitioner, a cooperative society, had challenged multiple actions taken by the Income Tax Officer (ITO), including notices under Section 148-A and Section 148 of the Income Tax Act, 1961, as well as the subsequent assessment and penalty orders. The petitioner, Shivakumaraswamy Credit Co-Operative Society L...