Gujarat HC Imposes Cost for High-Pitched Assessment Order Contrary to facts

Punjab National Bank Vs ITO (Gujarat High Court) Exemplary Cost imposed for passing such High Pitched Assessment Order contrary to the facts available on record Petitioner-Punjab National Bank(PNB)  prayed for quashing &  setting aside the SCN  issued u/s  148 by Income Tax Officer, Ward No.1(1), Bharuch & the assessment order passed byAO together with Notices   for levy of penalty u/s 274 r.w.s. 271AAC(1), 272A(1)(d) &  271F. BACK GROUND Petitioner-Bank(PNB)  is successor entity of erstwhile Oriental Bank of Commerce (OBC) which was a nationalized bank engaged in banking a...