Penalty u/s 271(1)(c) Premature When Quantum Appeal Pending: ITAT Remands Matter to AO

Sugrabahen Umer Bhorania Vs ITO (ITAT Mumbai) Penalty u/s 271(1)(c) Premature When Quantum Appeal Pending: Mumbai ITAT Remands Matter to AO Tribunal dealt with Assessee’s appeal against penalty of ₹45,10,345/- levied u/s 271(1)(c). Assessment was reopened u/s 147 r.w.s. 144 after Assessee did not file return or respond to notices issued pursuant to 148A(b). AO treated ₹68,16,000/- as Short Term Capital Gain by taking cost of acquisition at NIL & made a further addition of ₹68,00,000/- as income from other sources based on TDS credit mismatch. Assessee had already filed a quantum ap...