ITAT sets aside Penalty, Orders Fresh Proceedings after Reconsideration of Quantum Addition [Read Order]
Since the addition was under reconsideration, the ITAT held that the penalty proceedings based on the previous addition were no longer valid and should be initiated afresh after the AO's reassessment
The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) set aside the penalty imposed under Section 271AAB of the Income Tax Act,1961 and ordered fresh proceedings after the reconsideration of the quantum addition. Kamlesh Kumar Rathi,appellant-assessee,filed an appeal against the penalty order under Section 271 AAB of the Act, following an addition of…
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