Penalty u/s. 271(1)(b) imposable as no plausible explanation given for non-compliance of notices

Advertisement Ashutosh Das Vs ACIT (ITAT Kolkata) ITAT Kolkata held that imposition of penalty under section 271(1)(b) of the Income Tax Act justified as no plausible explanation was given by the assessee for non-compliance of notices served by AO. Facts- The assessee along with three other family members owned a property at Mouza-Khantpukur, Plot No.145 in the territory of Durgapur Municipality, West Bengal. This property was inherited by all these family members after the death of their father. He entered into a Joint Development Agreement vide Registered Deed dated 27.0 1.2015 with M/s. ...