Section 234B Interest Not Leviable When Seized Cash Exceeds Tax Liability: ITAT Jabalpur

Chaitram Alonkar Vs ITO (ITAT Jabalpur) The appeal before the ITAT Jabalpur arose from an assessment order passed under Sections 143(3) read with 153A for AY 2017-18. The assessee, an individual identified as a non-filer, filed a return in response to a notice under Section 142(1), declaring income that included long-term capital gains (LTCG). During assessment, the Assessing Officer (AO) made an addition of ₹32.90 lakh by recomputing LTCG based on the stamp duty valuation of land sold and also referred the matter for possible penalty under Section 271D for an alleged violation of Section 26...