Failure to fulfill conditions u/s 44 AA of Income Tax Act: ITAT deletes penalty u/s 271 of Income Tax Act [Read Order]

ITAT deleted the penalty under Section 271 of Income Tax Act, 1961, due to the Assessing Officer's failure to fulfill conditions under Section 44AA of the Income Tax Act, 1961
ITAT - ITAT Ahmedabad - Income tax - Section 44AA of Income Tax Act - ITAT penalty deletion - TAXSCAN

The Ahmedabad bench of the Income Tax Appellate Tribunal ( ITAT ) deleted the penalty under Section 271 of Income Tax Act, 1961, due to the Assessing Officer’s failure to fulfill conditions under Section 44AA of the Income Tax Act, 1961. According to Section 44AA of the Income Tax Act, 1961, individuals engaged in designated…

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