Penalty u/s 271 alone will Not Exist after Deletion of Addition on Income: ITAT [Read Order]

Penalty - Addition - Income - ITAT - taxscan

The Cuttack Bench of Income Tax Appellate Tribunal has held that penalty u/s 271 alone will not exist after deletion of addition on Income. During the course of assessment proceedings against the appellant, the PrajatantraPrachar Samity, the Assessing officer made addition on income and impose penalty u/s 271. Aggrieved by the addition and imposing penalty…

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