Penalty u/s 270A(9) for mis-reporting of income due to excess ...

Penalty for excess claim nullified. Assessee's intent not malafide. ITAT favors deletion of penalty imposed u/s 270A(9).

Case Laws Income Tax

August 9, 2024

Penalty u/s 270A(9) for mis-reporting of income due to excess claim of ineligible expenditure u/s 35(2AB) was imposed. The Dispute Resolution Panel (DSIR) certificate in Form 3CL disallowing part of the expenditure was received by the assessee after the Assessing Officer's inquiry regarding the deduction claim u/s 35(2AB). The Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre observed that the assessee cannot be alleged of mis-reporting income as it was not done with malafide intention. Therefore, the penalty restricted to 100% of tax payable was not justified. The Income Tax Appellate Tribunal held that the penalty deserves to be deleted, deciding in favor of the assessee.

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Penalty u/s 270A(9) for mis-reporting of income due to excess ...

Penalty for excess claim nullified. Assessee's intent not malafide. ITAT favors deletion of penalty imposed u/s 270A(9).

Case Laws Income Tax

August 9, 2024

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