Section 272A(1)(d) Penalty Limited to First Default, Not Each Notice: ITAT Surat

Jignesh Mahendralal Bharuchi Vs ITO (ITAT Surat) In the case of Jignesh Mahendralal Bharuchi vs. ITO, the Income Tax Appellate Tribunal (ITAT) Surat considered whether a penalty under Section 272A(1)(d) of the Income Tax Act, 1961, could be levied for each instance of non-compliance with notices issued during assessment proceedings. The assessee, engaged in wholesale and retail trading of edible oil and sugar, had been subjected to a survey under Section 133A in March 2017. The survey led to the detection of a cash balance of ₹23.79 lakhs, including ₹19.37 lakhs received between April and ...