ITAT Lucknow Deletes Section 271AAC Penalty After Deletion of Section 69A Addition

ITO Vs Shyam Sagar Yadav (ITAT Lucknow) The Income Tax Appellate Tribunal (ITAT), Lucknow, decided the Revenue’s appeal against the order of the Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre (NFAC), Delhi dated 19.04.2024 for Assessment Year 2017-18. The appeal challenged the deletion of a penalty of ₹60,29,841 levied under Section 271AAC(1) of the Income-tax Act, 1961, which had been imposed on the basis of an addition of ₹10,04,97,350 treated as unexplained money under Section 69A and taxed under Section 115BBE. The Revenue’s appeal was filed with a del...