No penalty u/s 271(1)(b) when assessee was already nursing Huge losses: ITAT

No penalty u/s 271(1)(b) when assessee was already nursing Huge losses: ITAT The brief facts of the case is that the assessee has filed the return of loss at Rs.(-) 7,04,14,520/- which was reduced by Rs.19,37,322/- in the best judgment assessment owning to non attendance by the assessee. The loss was ultimately assessed at Rs.6,84,77,198/-. Against this, the assessee preferred appeal before the tribunal. During the hearing, assessee submitted that various notices listed in the penalty order u/s 271(1)(b) was not received by the assessee at all. The non compliance has caused due to lack of knowledge of the assessee on the issuance of notice. ITAT in its order stated that no mala fide can be inferred on the part of the assessee where the assessee is nursing such huge losses at its disposal. Therefore, appeal filed by the assessee is allowed. To Read Judgement Download PDF Given Below: