No prosecution u/s 276CC without Wilful Default- Acquittal upheld: Delhi HC

PCIT Vs Prabodh Kumar Tiwari (Delhi High Court) Delhi High Court dismissed the Revenue’s appeal & upheld the acquittal of the assessee in a prosecution launched u/s 276CC of the Income-tax Act, 1961, for alleged willful failure to furnish returns in response to a notice issued u/s 153A. A search u/s 132 was conducted, following which notice u/s 153A was issued to the assessee to file returns for certain assessment years. Assessee did not file returns within the stipulated time.AO initiated penalty proceedings u/s 271(1)(b) for non-compliance with notices u/s 142(1). Penalty was deleted b...