ITAT Quashes Section 271(1)(c) Penalty for Defective Statutory Notice

Baidya Nath Dey Vs ITO (ITAT Kolkata) The appeal by Baidya Nath Dey to the Income Tax Appellate Tribunal (ITAT), Kolkata, challenged the confirmation of a penalty of Rs.7,38,000/- imposed under Section 271(1)(c) of the Income-tax Act, 1961, for the Assessment Year 2011-12. The penalty was originally levied by the Assessing Officer (AO) following an assessment order dated 14.12.2018 and was subsequently affirmed by the National Faceless Appeal Centre (NFAC)/Ld. CIT(A). The sole argument pressed by the assessee was that the entire penalty proceeding and the resulting order were invalid because t...