Basant Kumar Raut Vs. Assistant Commissioner of Income Tax, Circle 61(1)

Parties Involved

Facts Summary

The case pertains to the Assessment Year 2016-17. Basant Kumar Raut, an Engineering Consultant, filed his Income Tax Return on 17.10.2016 declaring income of Rs.2,98,79,750/-. The case was picked up for scrutiny, and the assessment was completed at income of Rs. 3,40,73,552/-. During the assessment proceedings, the assessee did not comply with the notice dated 19.07.2018 issued under section 142(1) of the Income Tax Act, 1961. Consequently, the Assessing Officer levied a penalty of Rs.10,000/- under section 271(1)(b) of the Act. The assessee later complied with the notice, and the assessment was completed under section 143(3) of the Act.…

Legal Issues

• 1. Levy of penalty of Rs. 10,000/- under section 271(1)(b) of the Income Tax Act, 1961 for non-compliance of notice issued under section 142(1) of the Act.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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