Uday G. Andanimath vs. The Income Tax Officer
Case No: ITA No.1784/Bang/2024
Court: INCOME TAX APPELLATE TRIBUNAL, 'B' BENCH : BANGALORE
Date: 2/10/2025
Parties Involved
appellantUday G. Andanimath
respondentThe Income Tax Officer, Ward 1(1), Hubli
Facts Summary
The assessee, Uday G. Andanimath, deposited cash in various bank accounts amounting to Rs.7,81,70,435, including Rs.12,03,000 during the demonetisation period. He failed to file a return of income under section 139(1). The assessment was completed under section 144 of the Act on 04.09.2019, determining total income at Rs.62,53,640 on an estimate basis. The Principal Commissioner of Income Tax (CIT) set aside the assessment order and directed a fresh assessment. The Assessing Officer (AO) issued …
Decision in favour of
Revenue
Legal Issues
- 1. Whether the assessee is liable for penalty under section 271B for not maintaining books of account and not furnishing audit report within the due date as prescribed under section 44AB of the Act.
Precedents Relied Upon
4 precedents cited in this judgement.