Quantum Matter remanded to AO: ITAT Deletes Section 271(1)(c) Penalty 

Chandra Bali Singh Vs ITO (ITAT Allahabad) In the case of Chandra Bali Singh Vs ITO, the ITAT Allahabad disposed of two interconnected appeals for the assessment year 2009-10. The first appeal challenged the quantum addition of Rs. 1,108,130 made by the Assessing Officer (AO), which was based on cash deposits in the bank. The AO had passed an ex parte order due to the appellant’s failure to respond to notices under sections 148 and 142(1) of the Income Tax Act. The appellant claimed inadequate time to respond and argued that their submissions before the CIT(A) were not considered. The IT...