Penalty Proceedings can’t be initiated in the Absence of Proper Investigation

Brief of the case

Delhi High Court in the case of CIT vs. M/s Jain Export Private Ltd.  held that, to initiate proceedings under Section 271(1)(c), it requires proper investigation and higher satisfaction of proof, which confirmed the basis for the initiation of necessary proceedings. In the absence of it the penalty provision can’t be invoked.

Facts of the Case

The assessee for sale of shares have acquire

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