Taxpayer Lethargy and Non-Compliance Attract Additional Costs: ITAT Mumbai

Anilkumar Champalal Jain Vs ITO (ITAT Mumbai) ITAT, Mumbai, emphasized the consequences of an assessee’s negligence and failure to actively pursue their case before tax authorities. The case in question is Anilkumar Champalal Jain Vs. ITO (ITAT Mumbai), where the assessee’s lackadaisical approach in presenting their case has resulted in an additional cost imposed by the tribunal. The dispute centered on the assessment year 2016-17, where the assessee was challenged over their income from share trading transactions, which was estimated by the Assessing Officer at Rs. 93.59 lacs. Des...