Shri. Kumaraswamy Gangadharaiah Kallur Vs. DCIT
Case No: ITA No.1391/Bang/2024
Court: INCOME TAX APPELLATE TRIBUNAL, 'B' BENCH : BANGALORE
Date: 2/6/2025
Parties Involved
appellantShri. Kumaraswamy Gangadharaiah Kallur
respondentDCIT, Circle –2(2)(1), Bangalore
Facts Summary
The assessee filed a return of income on 28.02.2015 declaring a total income of Rs.1,08,58,460/-. The Assessing Officer (AO) completed the assessment and passed an Order under section 143(3) of the Act on 16.12.2016, accepting the return of income. Later, it was noticed that the assessee had not disclosed the source of expenditure through credit card transactions and had not provided details of actual net investment in respect of multi-commodity exchange transactions. Consequently, the case was …
Decision in favour of
Assessee
Legal Issues
- 1. Whether the Principal Commissioner of Income Tax (Pr.CIT) has the power to direct the Assessing Officer (AO) to initiate penalty proceedings under section 271B of the Act during reassessment.
Precedents Relied Upon
2 precedents cited in this judgement.