Penalty U/s. 158BFA(2) not leviable when Assessment U/s. 158BC itself is Quashed

Sh. Ravinder Taneja Vs ACIT (ITAT Delhi)

As assessment under section 158BC itself has been quashed, thus, the penalty levied in respect of the income assessed under said assessment order cannot survive. Accordingly, we set aside the order of the lower authorities and cancel the penalty levied under section 158BFA(2) of the Act.

FULL TEXT

Please become a Premium member. If you are already a Premium member, login here to access the full content.