ITAT Delhi Quashes 271B Penalty on Amul Milk Dealer Acting as Commission Agent

Ankit Chauhan Vs ITO (ITAT Delhi) Substance over form -Milk Dealer only a Commission Agent, Not Liable for Audit- Reasonable Cause Saves Assessee–- ITAT Delhi Quashes 271B Penalty Delhi ITAT has deleted the penalty of ₹1,37,285 levied u/s 271B on an authorized dealer of Amul Milk, holding that there was reasonable cause for Assessee ’s failure to conduct a tax audit u/s 44AB. Assessee had filed his return declaring an income of Rs 2,49,466 for AY 2017-18. His case was selected for scrutiny due to large cash deposits. During assessment, it was explained that daily sales proceeds were depo...