Section 271AAB Penalty Proceedings Void as Addition Remanded: ITAT Delhi

Kamlesh Kumar Rathi Vs ACIT (ITAT Delhi) In Kamlesh Kumar Rathi Vs ACIT, the Income Tax Appellate Tribunal (ITAT) Delhi addressed an appeal concerning a penalty of ₹64,20,000 levied under Section 271AAB of the Income Tax Act, 1961. The penalty stemmed from an assessment order where an unexplained investment addition of ₹5.37 crore was made. Upon appeal, the CIT(A) reduced the addition to ₹1.07 crore, which was further contested by the assessee before the Tribunal. The ITAT had earlier remanded the quantum addition to the Assessing Officer (AO) for fresh adjudication. The ITAT held that s...