Sudhir Gandhi vs. Assistant Commissioner Of Income Tax, Circle 61(1) Delhi

Parties Involved

Facts Summary

The assessee is engaged in consultancy services and execution of turnkey projects. Filed return of income on 30-10-2018 declaring loss, followed by a revised return declaring total income. Rectification request filed on 25-04-2019. During assessment proceedings, additions were made and penalty proceedings initiated. AO levied penalty of Rs.9,41,635/- for A.Y. 2018-19. Assessee appealed before Ld. NFAC, which dismissed the appeal. Assessee then appealed before the Tribunal.…

Legal Issues

• 1. Imposition of penalty of Rs.9,41,635/- under section 271AAC(1) of the Income Tax Act, 1961.

Judgment Outcome

Decided in favour of Assessee.

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