Section 271B Penalty – ITAT restores matter to CIT(A)

Shri Palabathuni Chandra Ravi Vs ITO (ITAT Hyderabad) Facts of the case, in brief, are that the assessee is an individual and filed his return of income electronically on 21.1.2018 declaring total income at Rs.6,21,210/-. During the course of assessment proceedings, it was noticed by the Assessing Officer that the assessee deposited a total of Rs. 15,78,19,159/- during the demonetization period which is on account of sale of petrol, diesel and lubricants. The Assessing Officer completed the assessment u/s 143(3) of the Act on 23.12.2019 assessing the total income of the assessee at Rs.6,21,120...