No section 271B penalty if reasonable cause exist or if assessee establishes its bonafides

Tasavver Husain Vs ITO (ITAT Agra) The case of Tasavver Husain vs. ITO, decided by the Income Tax Appellate Tribunal (ITAT) Agra, revolves around the levy of penalty under Section 271B of the Income Tax Act, 1961, on Mr. Tasavver Husain, a retired army personnel operating a milk booth under Mother Dairy. The appeal stemmed from the order of the Commissioner of Income Tax (Appeals) [CIT(A)] dated October 10, 2022, relating to the assessment year 2017-18. Facts of the Case During the assessment proceedings, it came to light that Mr. Husain had deposited Rs. 21,39,000/- in his bank account with t...