Section 271(1)(b) penalty confirmed for not signing consent waiver on undisclosed HSBC bank account

Sanjay Dalmia Vs DCIT (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi, in its order dated October 5, 2017, for the case of Sanjay Dalmia (ITAs No. 3795 to 3801/Del/2014), confirmed the imposition of penalty under Section 271(1)(b) of the Income Tax Act. The penalty arose from the assessee’s failure to sign a consent waiver form sent with a notice under Section 142(1). The Assessing Officer (AO) had requested details of a specific bank account linked to the HSBC, alleging the account was associated with the assessee. The AO further asked for either the account details or a signed ...