Penalty Proceedings u/s 271AAB(1A) is not Mandatory and can’t be initiated by AO without Specifying Default of Assessee: ITAT

Penalty Proceedings - Mandatory - AO - Specifying Default - Assessee-ITAT-TAXSCAN

The Jaipur bench of the Income Tax Appellate Tribunal (ITAT) held that the penalty proceedings under Section 271AAB(1A) of the Income Tax Act, 1961 is not mandatory and cannot be initiated by the Assessing Officer (AO) without specifying the default of the assessee. The assessee derives income from Salary, House Property, Business or profession, and…

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