Income Tax Penalty u/s 271(1)(b) & 271F not leviable as reasonable cause shown

Hakim Khan Sumergadh Bibalsar Vs ITO (ITAT Ahmedabad) ITAT Ahmedabad held that penalties under section 271(1)(b) and section 271F of the Income Tax Act are not leviable on reasonable cause demonstrated by the assessee. Facts- Assessee made cash deposit to the tune of Rs. 27,51,150/- in the bank account, however, didn’t filed return of income. Accordingly, notice was issued u/s 148 which was not replied. Therefore, an ex-parte assessment was passed determining total income at Rs. 27,51,600/-. Following the same, notice u/s. 271(1)(b) was issued as why not to levy of penalty for non-compliance...