Penalty u/s 271AAC & 270A Remanded as Quantum Appeal Restored for Fresh Hearing

Madhavi Beeravolu Vs ITO (ITAT Hyderabad) Penalty u/s 271AAC & 270A Restored – ITAT Sends Back Penalty Appeals as Quantum Itself Remanded  Assessee did not file return for AY 2018-19. AO reopened the case u/s 147 based on sale of immovable property & cash deposits. Assessment was completed ex-parte u/s 147 r.w.s 144/144B, determining income at ₹1,00,91,053/-. Penalties were separately levied: (i) ₹93,941/- u/s 271AAC(1) on addition u/s 69A for cash deposits, & (ii) ₹2,15,052/- u/s 270A for under-reported income. CIT(A) dismissed quantum appeal due to delay & also uphel...