Penalty u/s 271(1) shall be Calculated Based on Additions Made to Income Disclosed in ITR u/s 139(1) of Income Tax Act : ITAT [Read Order]

The penalty has to be computed on the basis of the addition made to the income of the assessee disclosed in the ITR filed under section 139(1) of the Income Tax Act.
ITAT - ITAT Kolkata - Income Tax - ITR - Income Tax Return - TAXSCAN

The Kolkata bench of the Income Tax Appellate Tribunal ( ITAT ) has deleted the penalty under Section 271(1) of the Income Tax Act, 1961, stating that penalties shall be calculated based on additions made to the income disclosed in the Income Tax Return ( ITR ) filed under Section 139(1) of the Income Tax…

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