Kerala HC Orders IT Dept to Review Stay Petition on Sec 271A Penalty Proceedings

Wexco Homes Private Ltd. Vs ACIT (Kerala High Court) Introduction: In a recent case between Wexco Homes Private Ltd. and the Assistant Commissioner of Income Tax (ACIT), the Kerala High Court directed the Income Tax Department to consider a stay petition regarding penalty proceedings initiated under Section 271A of the Income Tax Act. Detailed Analysis: Wexco Homes Private Ltd., a private limited company, underwent a search within its business premises under Section 132 of the Income Tax Act. The assessment proceedings for the assessment year 2009-2010 were completed, resulting in a total inco...