Penalty order cannot be dismissed for settlement of Quantum addition under VSVS

Iyergopal Ashokkumar Vs ITO (ITAT Chennai) In this case, the penalty was levied under section 271 B of the Act on the ground that tax audit report under section 44AB of the Act was not filed by the assessee before filing of return of income and no explanation was given. The Assessing Officer has further stated that quantum addition settled under VSVS is different from levy of penalty under section 271 B of the Act. We find that the Assessing Officer has correctly decided the issue. Under these facts and circumstances of the case, the ld. CIT(A) ought to have been adjudicated the penalty levied...