ITAT quashes Rs 57 lakh fine on Preity Zinta

DCIT Vs Preity Zinta (ITAT Mumbai) Ms. Preity Zinta (Appellant) filed cross objection against the order of learned Commissioner of Income Tax (Appeals) dated August 19, 2019 pertain to assessment year 2014-15. In this case, the assessment under section 143(3) of Income Tax act was completed on 13.12.2016. The major disallowance was on account of interest of Rs. 1,72,70,635/-, which pertain to Financial Year (F.Y.) 2012-13 relevant to Assessment year (A.Y.) 2013-14 and not for the year under consideration i.e. A.Y. 2014-15. Penalty proceedings were initiated by issue of notice under section 271...