ITAT quashes 271AAB Penalty as Assessee Not Required to Maintain Books Under 44AA

Amit Agarwal Vs DCIT (ITAT Kolkata) The assessee filed miscellaneous applications before ITAT Kolkata seeking to recall its earlier orders in ITA Nos. 1471, 1475 & 1476/Kol/2015 for Assessment Year 2013-14. The applications were based on two grounds: (i) the assessee was not served notice for the hearing scheduled on 6 November 2017, preventing personal appearance, and (ii) factual errors had crept into the Tribunal’s prior order. The Tribunal had previously stated that the assessee was engaged in commodities trading, which required maintaining books of accounts under Section 44AA of the...