Section 271(1)(b) Penalty Invalid as Assessment Completed u/s 143(3)

Globus Infocom Limited Vs DCIT (ITAT Delhi) Income Tax Appellate Tribunal (ITAT) Delhi Bench has overturned a penalty of Rs. 10,000/- imposed on Globus Infocom Limited by the Assessing Officer (AO) under Section 271(1)(b) of the Income Tax Act, 1961, for alleged failure to comply with statutory notices. The Tribunal’s decision, pronounced on June 29, 2016, emphasized the significance of the final assessment order being passed under Section 143(3) of the Act, rather than Section 144, and the necessity of the AO recording satisfaction for imposing a penalty. The case centered on the assessment...