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HomeDirect TaxPenalty Can’t Be Imposed on Debatable Issue Pending Before High Court: ITAT...

Penalty Can’t Be Imposed on Debatable Issue Pending Before High Court: ITAT Quashes Rs. 20.56 Lakh Penalty on SIDBI

Direct Tax

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By Mariya Paliwala
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The Mumbai Bench of the Income Tax Appellate Tribunal (ITAT) has quashed penalty proceedings initiated against Small Industries Development Bank of India (SIDBI) under Section 271(1)(c) of the Income Tax Act, 1961. The bench of Sandeep Singh Karhail (Judicial Member) and Bijayananda Pruseth (Accountant Member) has held that once a substantial question of law on…

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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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