P&H HC Deleted Penalty as Subsidy Classification Held Debatable Issue

CIT Vs Gurdaspur Co-operative Sugar Mills Ltd. (Punjab and Haryana High Court) The Punjab and Haryana High Court dismissed appeals filed under Section 260A of the Income Tax Act, 1961 against an order of the Income Tax Appellate Tribunal (ITAT), Amritsar, which had set aside a penalty of ₹10.5 crore imposed under Section 271(1)(c). The penalty was levied on the ground that the assessee had furnished inaccurate particulars by treating a grant-in-aid of ₹2.15 crore from the State Government as a capital receipt instead of a revenue receipt. Read SC Judgment in this case: SC Dismisses Penalt...