Penalty u/s. 270A - Under-reporting of income / Mis-reporting - ...

Tribunal Removes Penalty for Alleged Mis-Reported Income, Finds Disclosure in Quantum Assessment Sufficient.

April 30, 2024

Case Laws Income Tax AT

Penalty u/s. 270A - Under-reporting of income / Mis-reporting - Interest income from income tax refunds - After reviewing the submissions and case materials, the Tribunal found that the interest income was indeed disclosed by the taxpayer during the quantum assessment and formed part of the computation submitted. Rejecting the Revenue's request for verification, the Tribunal emphasized that all relevant details were already part of the case file. Relying on legal precedent, the Tribunal concluded that there was no justification for the imposed penalty and proceeded to delete it.

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Penalty u/s. 270A - Under-reporting of income / Mis-reporting - ...

Tribunal Removes Penalty for Alleged Mis-Reported Income, Finds Disclosure in Quantum Assessment Sufficient.

April 30, 2024

Case Laws Income Tax AT

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