Penalty u/s 271B of Income Tax Act shall not be imposed unless Assessee has been given a Reasonable Opportunity of being heard: ITAT [Read Order]

By Sunayana Dhal - On September 20, 2023 5:00 pm - 2 mins read
Penalty - Income- Tax- Act - Assessee - Reasonable -Opportunity - heard-ITAT-TAXSCAN

The Mumbai bench of the Income Tax Appellate Tribunal (ITAT) held that the penalty under Section 271B of the Income Tax Act, 1961 shall not be imposed unless the assessee has been given a reasonable opportunity of being heard. The assessee company filed its return of income declaring NIL income. The case of the assessee…

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