Penalty u/s. 271D and 271E of the Income Tax Act cannot be imposed if assessment proceedings are quashed. Detailed analysis of Ravi Nirman Nigam Ltd Vs ACIT (ITAT Mumbai) and its implications.
Read the detailed analysis of the ITAT Mumbai ruling in Standard Fiscal Markets Pvt. Ltd. vs DCIT case. No section 68 addition for conduit entity. Insights on tax implications.