ITAT reduces Section 271(1)(b) Penalty by 50% on Consensus Basis

Ashish Daulatrm Sariya Vs NFAC (ITAT Indore) The Income Tax Appellate Tribunal (ITAT), Indore, adjudicated an appeal filed by the assessee against an order of the National Faceless Appeal Centre (NFAC) for Assessment Year 2012–13. The dispute concerned a penalty of ₹20,000 imposed under Section 271(1)(b) of the Income-tax Act, 1961 for non-compliance with statutory notices issued during assessment proceedings. The case originated from reassessment proceedings under Sections 147 and 144, where the Assessing Officer (AO) determined that income had escaped assessment based on information rega...