Penalty Appeal to Follow Fresh Adjudication of Quantum Additions: ITAT Agra

Devendra Kumar Dubey Vs ITO (ITAT Agra) The Income Tax Appellate Tribunal (ITAT) Agra has remanded the case of Devendra Kumar Dubey vs. ITO concerning a ₹34,803 penalty imposed under Section 271(1)(c) for alleged concealment of income. The penalty originated from an addition of ₹2,61,740, deemed unexplained investment, made during assessment under Section 144 due to the assessee’s non-compliance with notices. The CIT(A) upheld the penalty without considering additional evidence. However, ITAT had earlier set aside the quantum addition and directed a fresh review by CIT(A). The assessee c...