Concealment Penalty Cannot be Imposed When Income Assessed Under MAT Provisions: ITAT

Concealment Penalty Cannot be Imposed When Income Assessed Under MAT Provisions: ITAT

Concealment Penalty Cannot be Imposed When Income Assessed Under MAT Provisions: ITAT The Income Tax Appellate Tribunal (ITAT), Lucknow, has deleted a penalty imposed under Section 271(1)(c) of the Income Tax Act, holding that no tax evasion occurs when an assessment is made under the Minimum Alternate Tax (MAT) provisions. The company, Agmotex Fabrics Ltd, […]