No Satisfaction in Assessment Order: ITAT Surat Quashes Section 271D Penalty

Advertisement Parivar Television Pvt. Ltd. Vs DCIT (ITAT Surat) The Income Tax Appellate Tribunal (ITAT), Surat, allowed the assessee’s appeal against the order of the Commissioner of Income Tax (Appeals) relating to penalty imposed under Section 271D of the Income-tax Act for the block period from 1 April 1995 to 19 December 2001. Besides the original grounds challenging the penalty on merits, the assessee raised two additional grounds before the Tribunal: first, that the penalty order was barred by limitation under Section 275(1)(c), and second, that the penalty was invalid because...