Section 271B Penalty Unfair if imposed Before Quantum Assessment: ITAT Agra

Gopal Agarwal Vs ITO (ITAT Agra) ITAT Agra held that confirming penalty under section 271B of the Income Tax Act before finalization of quantum assessment is unjust and unfair. Accordingly, matter restored back to CIT(A) for fresh adjudication. Facts- The case of the assessee was selected by Revenue for framing scrutiny assessment under CASS. There was a cash deposit to the tune of Rs.5,21,89,264/- in the bank accounts of the assessee with the ICICI Bank. The assessee submitted during the course of assessment proceedings that the assessee is engaged in commission business of cash handling. AO ...