ITAT sets aside ₹1.25 Cr Income Tax penalty on UP State Bridge Corp

ACIT Vs UP State Bridge Corporation Ltd (ITAT Lucknow) Income Tax Appellate Tribunal (ITAT), Lucknow Bench, has set aside a previous order that deleted a penalty imposed on the UP State Bridge Corporation Ltd. and has restored the matter to the Assessing Officer (AO) for a fresh decision. This development follows a directive from the Hon’ble Allahabad High Court, emphasizing the interdependency of the penalty proceedings with the outcome of the quantum appeal. The case, dating back to the assessment year 1990-91, involves a penalty of Rs. 1,25,00,000/- imposed under Section 271(1)(c) of ...