Madras HC Stays Income Tax Penalty till disposal of Assessment Appeal

Aadhitya Property Developers Vs Additional/Joint/Deputy/ACIT, ITO (Madras High Court) Madras High Court has issued an interim order staying penalty proceedings initiated against Aadhitya Property Developers under Sections 270A and 271AAC of the Income Tax Act, 1961. The court’s decision comes in light of a pending appeal filed by the assessee before the Appellate Authority against the underlying assessment order. The case pertains to the assessment year 2017-18. An assessment order was passed against Aadhitya Property Developers on September 27, 2021, under Section 147 read with Section ...