12 December 2023
Dear All, Our client has received notice for FY 2017-18 under section 272A of income tax act and demanding a penalty, client was not aware of all taxes and have not replied to any notices earlier issued, so got this penalty U/S 272A, he is not having any taxable income chargeable to tax for FY 2017-18. How to reply to this notice without paying any penalty U/s 272A. ?
12 December 2023
The Income Tax Appellate Tribunal (ITAT) Delhi Bench ruled that penalty under Section 272A(1)(d) of Income Tax Act, 1961 should not be levied if the assessee has reasonable cause for non-compliance of statutory notices.
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