Penalty u/s 271AAC is not Applicable, if Tax u/s 115BBE of Income Tax Act is NIL: ITAT directs Readjudication [Read Order]

By Aparna. M - On May 16, 2023 7:30 am - 2 mins read
Penalty - Tax - Income Tax Act - ITAT directs Readjudication - ITAT - ITAT - Readjudication - Taxscan

The Hyderabad bench of Income Tax Appellate Tribunal (ITAT), while directing re-adjudication observed that penalty under Section 271AAC Income Tax Act, 1961 would not be applicable if tax under Section 115BBE of Income Tax Act was mentioned at zero. Assesee Vijay Kumar Reddy is an individual and filed his return of income declaring total income…

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