Section 271(1)(c) Penalty Deleted for Cash Deposits Linked to Earlier Withdrawals

Naresh Singh Contractors Vs ITO (ITAT Agra) ITAT Refuses 2,799-Day Delay Condonation for Lack of Sufficient Cause; No Penalty as Interest in Form 26AS Was Already Taxed: ITAT; No Penalty Under Section 44AD as Income Exceeded Presumptive Rate: ITAT; ITAT Deletes Penalty as Revenue Failed to Disprove Cash Deposit Source; ITAT Rejects Delay Condonation Despite Non-Service Claim. The Income Tax Appellate Tribunal (ITAT), Agra Bench, adjudicated two appeals relating to Assessment Year 2014-15 arising from the order of the Commissioner of Income Tax (Appeals)-2, New Delhi, dated 30.03.2018. One appe...