ITAT Delhi quashing Levy of penalty u/s 271(1) beyond period of limitation

Babu Ram Vs ITO (ITAT Delhi) Summary: In the case of Babu Ram vs. Income Tax Officer (ITO), the ITAT Delhi addressed the validity of a penalty imposed under Section 271(1)(c) of the Income Tax Act, 1961. The case originated when the Income Tax Department reopened the assessment of Babu Ram, an individual taxpayer, who had not filed his income tax return despite having taxable income. Subsequently, a notice under Section 148 was issued, prompting him to declare a total income of ₹2,19,408 in response. The Assessing Officer (AO) completed the assessment under Sections 147/143(3) and initiated ...