Penalty u/s 271(1)(b) not imposable as reasonable cause shown

Advertisement Sh. Krishan Kumar Modi Vs ACIT (ITAT Delhi) ITAT Delhi held that penalty u/s 271(1)(b) of the Income Tax Act not imposable as reasonable cause shown for non-furnishing of consent form sought by AO. Facts- A search & seizure operation u/s 132 of the Income Tax Act, 1961 was carried out in the case of the assessee on 09.11.2011. Subsequently, notice u/s 153A of the Act was issued on 02.11.2012 to file return of income within 19 days from the service of notice. During the course of assessment proceedings, a notice u/s 142(1) was issued to the assessee on 15.07.2013 seeking ce...