Chhattisgarh High Court: No Penalty Under Section 271E If Bona Fide Belief and Genuine Transactions Exist – Relief Under Section 273B of Income Tax Act
In a significant tax ruling, the Chhattisgarh High Court has held that a bona fide belief combined with the genuineness of a transaction constitutes a valid “reasonable cause” under Section 273B of the Income Tax Act, 1961, thereby preventing the …