Initiation of penalty proceedings u/s. 271DA justified as delay was not unreasonable: Delhi HC

Property Plus Realtors Vs Union of India & Ors (Delhi High Court) Delhi High Court held that imposition of penalty under section 271DA of the Income Tax Act is justifiable since there is no inordinately and inexplicably delay in initiation of penalty proceedings. Accordingly, writ dismissed. Facts- Post search operations, the petitioner filed his return for the relevant assessment year (AY) 2022-23. The said return was taken up for scrutiny and the proceedings culminated in an assessment order dated 28.03.2024. The net profit of the assessee was determined at Rs. 22,29,92,302/- against a r...