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.

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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

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