No Penalty u/s 271D of Income Tax Act in the Absence of Assessment Proceedings: ITAT [Read Order]

Income Tax Act - No Penalty - Absence of Assessment Proceedings - ITAT - Income Tax - Assessment Proceedings -taxscan

The Indore bench of the Income Tax Appellate Tribunal (ITAT) has quashed a penalty imposed under section 271D of the Income Tax Act, 1961 for the absence of assessment proceedings as the assessee in this case had not filed a return of income for the assessment year under consideration and the AO had initiated penalty…

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