ITAT deletes section 271A(d) penalty due to absence of demand notice

Pairagacha Cooperative Credit Society Ltd. Vs ITO (ITAT Kolkata) The ITAT held that the authority to make prima facie adjustments regarding deduction under section 80P of the Act was vested in the CPC only from April 1, 2021. Therefore, the purported disallowance by the CPC falls outside its jurisdiction. Additionally, since no demand notice was issued or served on the assessee for the imposition of the penalty, the penalty is deleted. Introduction: The case of Pariagacha Cooperative Credit Society Ltd. vs ITO, adjudicated by ITAT Kolkata, revolves around the disallowance of a deduction under ...