Penalty u/s 271 will not sustain when AO failed to specify the inaccurate particulars of income found: ITAT [Read Order]

Penalty - AO - income - ITAT - taxscan

The Pune Bench of Income Tax Appellate Tribunal ( ITAT ) has held that penalty u/s 271 will not sustain when AO failed to specify inaccurate particulars of income found.  The appellant engaged in the business of dealing in lands for which the return of income was filed declaring a total income of Rs.4,77,360/-. The…

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