Section 271(1)(c) Penalty Unsustainable When Section 148 Returned Income Accepted Without Addition: ITAT Chennai

Advertisement Mangadu Natarajan Balasundharam Vs ITO (ITAT Chennai) The Income Tax Appellate Tribunal (ITAT), Chennai allowed the appeal of the assessee and deleted the penalty levied under Section 271(1)(c) of the Income-tax Act for Assessment Year 2016-17. The assessee, an individual, originally filed the return of income on 14 October 2016, declaring taxable income of Rs. 10,82,190. Subsequently, the Assessing Officer (AO) received information from the DDIT (Investigation) that the assessee had not disclosed income arising from the sale of plots jointly owned with two other persons. B...