AO proceeded with best judgment assessment u/s 144 making ...

ITAT Overturns Penalty as Non-Compliance Was Unintentional; Affidavits Show Reasonable Cause u/s 68.

January 10, 2025

Case Laws Income Tax AT

AO proceeded with best judgment assessment u/s 144 making addition u/s 68 for unexplained cash deposit. CIT(A) upheld penalty u/s 272A(1)(d) for non-compliance with notices u/s 142(1), 143(2). ITAT held non-compliance wasn't willful, but due to negligence of authorized representative beyond assessee's control. Show-cause notice by AO u/s 274 r.w.s. 272A(1)(d) lacked specificity, erroneously invoking inapplicable provision. Assessee demonstrated reasonable cause u/s 273B through affidavits explaining default wasn't mala fide. Initial compliance showed intention to cooperate. Penalty unsustainable. Decided in assessee's favor.

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AO proceeded with best judgment assessment u/s 144 making ...

ITAT Overturns Penalty as Non-Compliance Was Unintentional; Affidavits Show Reasonable Cause u/s 68.

January 10, 2025

Case Laws Income Tax AT

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