Section 271D & 271E Penalty cannot be levied if assessment is quashed

Ravi Nirman Nigam Ltd Vs ACIT (ITAT Mumbai)

Introduction: Penalty u/s. 271D and 271E of the Income Tax Act, 1961 cannot be levied if the assessment proceedings are quashed.

Facts of the case: The assessee’s case was reopened u/s. 147 of the Act based on information receive

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