Co-operative society's mandatory reserve and share capital fixed deposits with banks-interest treated as business income under 80P(2)(a)(iii) deductio...
Income tax reassessment reopening after four years on investigation tip, without s.147 proviso disclosure failure, struck down as borrowed satisfactio...
ITAT held that penalty u/s 272A(1)(d) was leviable only for non-compliance with the main notice u/s 142(1), as the subsequent two communications were mere reminder notices and not independent statutory notices. Since the assessment was framed u/s 144 r.w.s. 144B for AY 2022-23, indicating non-compliance with the primary notice, penalty of Rs. 10,000/- for that default was sustained. However, penalty of Rs. 20,000/- imposed for non-compliance with the two reminder notices was deleted. The assessee's appeal was thus partly allowed, restricting the penalty to Rs. 10,000/-.
ITAT held that penalty u/s 272A(1)(d) was leviable only for non-compliance with the main notice u/s 142(1), as the subsequent two communications were mere reminder notices and not independent statutory notices. Since the assessment was framed u/s 144 r.w.s. 144B for AY 2022-23, indicating non-compliance with the primary notice, penalty of Rs. 10,000/- for that default was sustained. However, penalty of Rs. 20,000/- imposed for non-compliance with the two reminder notices was deleted. The assessee's appeal was thus partly allowed, restricting the penalty to Rs. 10,000/-.
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