Citing judicial precedents,it was concluded that the penalty was not imposed within the prescribed timeframe. Applying the same reasoning as in the prior case for AY 2014-2015 the penalty order was quashed for AY 2015-16
The Bangalore Bench of Income Tax Appellate Tribunal quashed a ₹54,700 penalty imposed under Section 272A(2)(e) of Income Tax Act,1961 for the late filing of a tax return, ruling it time-barred. Ranjitsinh Narsinh Vaghela,appellant-assessee,challenged the National Faceless Appeal Centre (NFAC) order confirming a ₹54,700 penalty under Section 272A(2)(e) for late filing of the income tax…
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