Section 271B Penalty on Mother Dairy Agent Quashed by ITAT

Sh. Naresh Kumar Vs ITO (ITAT Delhi) In the case of Naresh Kumar vs. ITO, the Delhi Income Tax Appellate Tribunal (ITAT) ruled in favor of the appellant, a Mother Dairy agent and ex-serviceman, by overturning a penalty imposed under Section 271B of the Income Tax Act. The assessee’s case was scrutinized due to cash deposits of ₹25.59 lakhs during the demonetization period. Although his income was derived from a dairy booth in Greater Kailash, the assessing officer observed gross sales of ₹1.70 crore, deeming him liable to maintain audited accounts as per Section 44AB. However, the as...