Kamal Kishor Patil vs. ITO (5), Panvel

Parties Involved

Facts Summary

The assessee, Kamal Kishor Patil, did not file her income tax return for the assessment year 2019-20. Her case was reopened due to the purchase of debentures totaling Rs.50,00,000/-. A notice under section 148 of the Income Tax Act, 1961 was issued, and she filed her ITR on 05.01.2024. The Assessing Officer made an addition of Rs.50,00,000/- under section 69 of the Act. The assessee did not comply with statutory notices issued under section 142(1) on 03.10.2023 and 14.09.2023, leading to a penalty of Rs.20,000/- being levied under section 272A(1)(d) of the Act. The assessee appealed against the order of the Ld. CIT(A) / NFAC, which upheld the penalty.…

Legal Issues

• 1. Whether the penalty levied by the Assessing Officer for non-compliance with statutory notices is justified.

Judgment Outcome

Decided in favour of Assessee.

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