2021 (9) TMI 1015

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....O imposed penalty of Rs. 10,000/- for the Asstt.Year 2015-16 due to alleged default of non-compliance of the statutory notice. 3 Brief facts of the case are that the assessee is engaged in business of manufacturing of SS pipes and tubes. It has e-filed return of income on 30.9.2015 declaring income at Rs. 1,24,99,840/-. The return was processed under section 143(1) of the Act and thereafter selected for scrutiny assessment. The assessment was completed under section 143(3) by accepting the returned income. Thereafter, the ld.AO initiated penalty proceedings under section 271(1)(b) for non-compliance of notice issued under section 142(1) dated 18.9.2017. Accordingly, a notice under section 274 read with section 271(1)(b) of the Act was is....

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....ch reasons, there could not be any penalty under section 271(1)(b) of the Act. It further pleaded that assessment in the case of the assessee was finalized under section 143(3) and not under section 144 of the Act, and there is a considerable compliance of notices as is evident from the observation of the ld.AO in the assessment order in para-3 that representatives of the assessee have attended and furnished the requisite details/evidence from time to time, which were perused and placed on record, and that the case was discussed with the AR present. This goes to show that the assessee has fully cooperated in the assessment proceedings, and there is no room for visiting the assessee with penalty under section 271(1)(b) of the Act. On the oth....