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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