AO adds Rs. 3.56 crore as Non disclosed transactions: ITAT restores matter for reconsideration to CIT(A) with penalty

The tribunal observed that failure to respond to statutory notices warranted a penalty while restoring the matter for reconsideration
By Franklin Joshva - On March 18, 2025 2:54 pm - 2 mins read
Non disclosed transactions - penalty - ITAT Hyderabad - taxscan

The Hyderabad Bench of the Income Tax Appellate Tribunal ( ITAT ) has restored the appeal to the Commissioner of Income Tax (Appeals) [CIT(A)] in an undisclosed transactions case with a penalty of Rs. 2,000 for non-compliance with statutory notices. Shri Sankarlal Naik Karamsi (assessee), an individual, had not filed his income tax return for…

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