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Calcutta High Court Stays Income Tax Penalty Orders for Alleged Cash Transaction Violations, Holding “No Penalty Can Be Levied Without Prior Satisfaction of Assessing Officer Recorded in Assessment Orders” While Considering Prima Facie Illegality in Absence of Statutory Compliance
Court’s Decision The Calcutta High Court granted an interim stay on penalty orders issued under Sections 271D, 271DA, and 271E of the Income Tax Act, 1961 against the petitioners, observing…
