ITAT Quashes Invalid Penalty Order on Deceased Assessee u/s 159(2) of Income Tax Act [Read Order]

By Fidha Lulu K G - On May 15, 2023 7:30 pm - 2 mins read

ITAT Quashes Invalid Penalty Order - Deceased Assessee us 159(2) of Income Tax Act - TAXSCAN

The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) hasquashed the invalid penalty order on deceased assessee under Section 159(2) of Income Tax Act, 1961. The assessee Sri.Varadarajan Narayan Aiyarhas sold a property for Rs.2,14,22,160/- and received Rs.2,12,07,936/- from the purchaser after deduction of TDS at 1% as per the provisions of Section 194IA…

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