ITAT Cancels 200% Penalty After Man Declares Rs 12.9 Lakh Income Post Notice
A man who initially skipped filing his income tax return later declared an income of Rs 12.9 lakh for AY 2018-19 after receiving a notice from the Income Tax Department. The Assessing Officer believed this income would have remained undisclosed without the notice. The Income Tax Appellate Tribunal (ITAT) subsequently canceled the 200% penalty imposed on him.
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