https://www.taxtmi.com/caselaws?id=763403 The ITAT Mumbai upheld penalty under section 271(1)(c) against the assessee who failed to file income tax returns despite receiving substantial contract receipts of Rs. 2.5 crore. The assessee neither filed returns under section 139 nor responded to notices under section 148. The tribunal rejected the assessee's plea that penalty cannot be levied on estimated additions, noting complete defiance of statutory requirements. The assessee's contention that auditor's failure prevented return filing was dismissed, as filing returns under section 139 remains the assessee's responsibility regardless of audit report issues under section 44AB. en-us Tue, 17 Dec 2024 00:00:00 +0530 Tue, 24 Dec 2024 18:47:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=763403 The ITAT Mumbai upheld penalty under section 271(1)(c) against the assessee who failed to file income tax returns despite receiving substantial contract receipts of Rs. 2.5 crore. The assessee neither filed returns under section 139 nor responded to notices under section 148. The tribunal rejected the assessee's plea that penalty cannot be levied on estimated additions, noting complete defiance of statutory requirements. The assessee's contention that auditor's failure prevented return filing was dismissed, as filing returns under section 139 remains the assessee's responsibility regardless of audit report issues under section 44AB. Case-Laws Income Tax Tue, 17 Dec 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=763403