No Section 271(1)(b) penalty where assessment is completed u/s 143(3)

Salasar Derivatives Pvt. Ltd. Vs ITO (ITAT Mumbai) Introduction: This article scrutinizes the case of Salasar Derivatives Pvt. Ltd. versus ITO, as heard by ITAT Mumbai. The central question revolves around the validity of the penalty imposed under section 271(1)(b) of the Income Tax Act. The article delves into the circumstances leading to the penalty and evaluates the arguments presented by both parties. Detailed Analysis: The dispute arises from the non-appearance of the assessee before the ld. AO on the scheduled date of hearing, leading to the imposition of a penalty under section 271(1)(b...