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TMI Blog2021 (1) TMI 638X X X X Extracts X X X X X X X X Extracts X X X X ..... as made under section 143(3) and not under section 144 subsequent compliance in the assessment proceedings was considered as good compliance so as to mitigate one single instance of default committed earlier, and ignored by the AO while framing assessment under section 143(3), levy of penalty under section 271(1)(b) is not justifiable. We do not find any compelling reasons to impose penalty under ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... o the return of income filed by the assessee on 29.11.2013 declaring total loss at Rs. (-) 7,84,02,992/-, the case of the assessee was selected for scrutiny assessment under section 143(2) on 4.9.2014. After considering the details and explanations of the assessee, the assessment was finalized at ₹ 59,72,264/- under section 143(3) of the Act. However, in the meanwhile, penalty under section ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... sued during the course of hearing. While finalizing assessment under section 143(3) of the Act, the ld.AO has in fact noted this fact in the assessment order, therefore, there is no default on the part of the assessee so as to attract provision of section 271(1)(b) of the Act. He further submitted that when assessment was framed under section 143(3) and not under section 144 of the Act, on the bas ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... d with notice dated 2.2.206 issued during the course of assessment proceedings, levy of penalty under section 271(1)(b) of the Act is justified. However, the fact is that in the assessment framed under section 143(3) of the Act, the assessee s representative attended the hearing and submitted required details during the course of hearing, and based on the same, assessment was framed. This fact ..... X X X X Extracts X X X X X X X X Extracts X X X X
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