ITAT Quashes Section 271(1)(c Penalty as Unsigned SCN Held Void in Law

Dhiren Gopal Vs DCIT (ITAT Bangalore) The appeal concerns the validity of penalty proceedings initiated under Section 271(1)(c) of the Income Tax Act for Assessment Year 2015–16. The assessee had originally filed a return declaring income of Rs. 10.31 crore. Subsequently, a search and seizure operation under Section 132 was conducted in November 2019, during which documents relating to undisclosed foreign income and investments were found. It was observed that the assessee and his brothers had received funds from a Singapore-based company in the form of loans, which were not disclosed in the...