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Penalty Can’t Be Levied On Axis Bank For Change In Accounting Policy: ITAT

Direct Tax

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By Mariya Paliwala
Penalty Can’t Be Levied On Axis Bank For Change In Accounting Policy: ITAT

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The Ahmedabad Bench of the Income Tax Appellate Tribunal (ITAT) has quashed penalty proceedings initiated against Axis Bank Limited under Section 271(1)(c) of the Income Tax Act, holding that a disallowed claim based on a plausible accounting method cannot be treated as furnishing inaccurate particulars of income.  The bench of Suchitra Kamble (Judicial Member) and…

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Mariya Paliwala
Mariya Paliwalahttps://www.jurishour.in/
Mariya is the Senior Editor at Juris Hour. She has 7+ years of experience on covering tax litigation stories from the Supreme Court, High Courts and various tribunals including CESTAT, ITAT, NCLAT, NCLT, etc. Mariya graduated from MLSU Law College, Udaipur (Raj.) with B.A.LL.B. and also holds an LL.M. She started her career as a freelance tax reporter in the leading online legal news companies.

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