Tribunal Cancels 200% Tax Penalty on Man Who Declared Rs 12.9 Lakh After IT Notice

A man failed to file his income tax return and received a notice from the Income Tax Department. He then filed a return for assessment year 2018-19, declaring an income of Rs 12.9 lakh. The Assessing Officer argued that this income would have stayed untaxed had the notice not been issued. The Income Tax Appellate Tribunal later cancelled a 200% penalty imposed in the matter.