MARTURI SRINIVASA RAO,GUNTUR vs. INCOME TAX OFFICER, WARD-1(1), GUNTUR
In the result, appeal of the assessee is allowed
ITA 124/VIZ/2023[2017-18]Status: DisposedITAT Visakhapatnam14 Jul 2023AY 2017-18
Bench: Shri Duvvuru Rl Reddy, Hon’Ble & Shri S Balakrishnan, Hon’Bleआयकर अपील सं./I.T.A.No.124/Viz/2023 (ननधधारण वर्ा / Assessment Year : 2017-18) Marturi Srinivasa Rao Vs. Income Tax Officer D.No.1-75, 2Nd Line Ward-1(1) Rajeev Nagar Colony Guntur Atchampet Post, Guntur [Pan : Bvnpm4138E] (अपीलार्थी/ Appellant) (प्रत्यर्थी/ Respondent)
For Appellant: Shri G.V.N.Hari, ARFor Respondent: Shri ON Hari Prasada Rao, DR
Section 143(2)Section 143(3)Section 271BSection 44A
demonetization period to be reasonable and accepted. Thus the AO made no addition in the assessment order.
However, since, the cash deposits of Rs.1,84,36,300/-, made during the year under consideration exceeded the threshold limit as per section 44AB of the Act, the AO had levied penalty of Rs.92,181/- u/s 271B of the Act.
3. Aggrieved
