Sec 271(1)(b) Penalty Deleted as Assessee Later Complied; Nil Income Accepted – ITAT Bangalore

Basaveshwer Devalay Vs ITO (ITAT Bangalore) Penalty U/s 271(1)(b) for Non-Compliance with Notices Deleted – Subsequent Participation in Assessment & Nil Income Accepted – ITAT Bangalore Assessee, an educational institution running a school under the Kudal Sangam Development Board, did not initially respond to notices issued u/s 143(2) and 142(1) during reassessment proceedings initiated u/s 148. The AO consequently levied penalty of ₹20,000 u/s 271(1)(b) for non-compliance with the statutory notices, which was also confirmed by CIT(A). Before ITAT, the assessee submitted...