Assessee failed to justify receipt discrepancy between ITR and ...

Discrepancy in ITR & Form 26AS led to income addition & penalty. ITAT set aside penalty due to lack of specific allegation & rectified Form 26AS.

Case Laws Income Tax

August 3, 2024

Assessee failed to justify receipt discrepancy between ITR and Form 26AS, AO made addition considering it as fees for technical services and imposed penalty u/s 270A for under-reporting income. ITAT held penalty order silent on assessee's submissions, penalty notice lacked specific allegation of misrepresentation/suppression, and subsequent rectification of Form 26AS removed discrepancy. Relying on Supreme Court judgment, ITAT set aside penalty considering entirety of circumstances and allowed assessee's grounds.

View Source

← Previous Next →

Assessee failed to justify receipt discrepancy between ITR and ...

Discrepancy in ITR & Form 26AS led to income addition & penalty. ITAT set aside penalty due to lack of specific allegation & rectified Form 26AS.

Case Laws Income Tax

August 3, 2024

You may also like:

Addition in the income of the assessee by treating as income from other sources - Additions based on TDS form 26AS - As per the record, the assessee was not having any...

The Department initiated the case based on income tax documents, which were public documents, and the presumption is on their truthfulness. The difference in value based...

Additions towards difference in interest income between interest as per Form 26AS and interest income shown in the Return of Income - Since the alleged accommodation...

Additions based on 26AS statement - undisclosed income - Petitioner has not made any complaint at any stage regarding any fictitious or wrong entries in the 26AS...

Addition on account of alleged difference between the interest income declared by the appellant and the Form No. 26AS of the Department - The information contained in...

Addition of interest income due to the difference of income of assessee as per 26AS statement and actual interest figure shown in the profit & loss account - Extra...

Set off of MAT credit u/s.115JAA - assessee being a company had filed its return of income in ITR-6 (i.e. prescribed form) under schedule for MAT credit (Schedule MATC),...

Penalty u/s 271(1)(c) - Additions based on difference in TDS statement (Form 26AS) - assessee failed to submit reconciliation between the books of account and Form 26AS...

The assessee failed to file the original return of income, and the Assessing Officer initiated penalty proceedings for underreporting income. The assessee's authorized...

Penalty levied u/s 270A - misreporting of income un/s 270A(8) and 270A(9) or not - Assessee filed the ITR after search conducted on third party but before the due date...

Addition of contract receipts - bogus activity - Estimation of income - The AO had made an addition to the assessee's income, alleging discrepancies in the contract...

The AO failed to correctly compute the undisclosed income after considering the correct sale value of land as per Form 26AS. The assessee claimed that one of the lands...

Penalty u/s 271(1)(c) for furnishing inaccurate particulars of income - adjustment made u/s 92CA - penalty levied u/s 271(1)(c) on the adjustment made u/s 92CA is not...

Un-reconciled entries on account of non-reconciliation of AIR information - Entries in the 26AS form not accepted by the assessee - Addition on the basis of AIR...

Income from undisclosed sources - addition of agricultural income - Assessment of agricultural income declared by the assessee for various assessment years was...

Quick Updates: