ITAT Kolkata Deletes Penalty u/s 271B Where No Books Were Maintained

Smt. Mukti Roy Vs I.T.O. Ward- 2(4) (ITAT Kolkata) This case concerns an appeal by Smt. Mukti Roy against the order of the Ld. CIT(A)-Burdwan for the assessment year 2010-11, specifically challenging the confirmation of a penalty totaling Rs.1,50,000/- levied under Sections 271A and 271B of the Income-tax Act, 1961. The dispute arose after the Assessing Officer (AO), following a Section 133(6) notice to the National Stock Exchange (NSE), found that the assessee had engaged in substantial transactions of shares and securities with a total sale value of approximately Rs.23.09 crores. The assesse...