Taxpayer is Co-Owner of Bank Account, No Concealment of Income: ITAT deletes penalty u/s 271(1) (c) of Income Tax Act

The Ahmedabad bench of the Income Tax Appellate Tribunal (ITAT) revoked the penalty under Section 271(1)(c) of the Income Tax Act, 1961, as there was no concealment of income. \r

The taxpayer, a co-owner of the bank account, wasn't considered by the Assessing Officer or the Commissioner of Income Tax (Appeals). The assessment, initiated due to cash deposits in the account, didn't take into account the taxpayer's NRI status for the year under consideration. \r

The tribunal found a lack of proper assessment before imposing the penalty, thus allowing the taxpayer's appeal and dismissing the penalty.