Rs 3.99 lakh penalty for under-reporting income and paying Rs 2 lakh less in income tax; ITAT Jaipur cancels penalty, know why

A man from Sikar faced a penalty of Rs 3.99 lakh for under-reporting his income. The Income Tax Department initiated penalty proceedings after he filed an income tax return. However, the ITAT Jaipur found technical mistakes in the penalty notice issued by the Assessing Officer. They noted the absen…