Man did not file ITR, faced Rs 17.18 lakh penalty over alleged Rs 55.62 lakh unexplained cash deposits; ITAT Mumbai deletes penalty because tax officer invoked wrong provision
There was also a problem with the penalty order itself. Unexplained cash can lead to a notice from the Income Tax Department, and sometimes even a penalty. But what happens if the penalty is imposed under the wrong section?In one such case, the Mumbai bench of the Income Tax Appellate Tribunal (ITAT) has ruled that…