Section 271AAC(1) Penalty Cannot Survive After Section 69A Addition Deletion: ITAT Kolkata

Advertisement Lauda Samabay Krishi Unnayan Samity Limited Vs ACIT (ITAT Kolkata) The issue before the ITAT was whether a penalty under Section 271AAC(1) of the Income-tax Act, 1961 could be sustained after the underlying addition under Section 69A, made in an assessment under Section 147 read with Section 144B, had been deleted in revision proceedings under Section 264. The assessee, a registered co-operative society functioning as a Primary Agricultural Credit Society, was assessed under Section 147 read with Section 144B for AY 2019-20. The Assessing Officer made an addition of Rs. 7,95,6...