The Tribunal allowed the assessee's appeal and held that the ...

Tax penalty cancelled for honest mistakes in disclosing interest income.

December 9, 2024

Case Laws Income Tax AT

The Tribunal allowed the assessee's appeal and held that the penalty u/s 270A for under-reporting of income was not justified. The assessee had offered an additional amount under the head 'income from other sources' in the return filed in response to a notice u/s 148. However, the Tribunal observed that the assessee did not fall under any of the circumstances specified in Section 270A(2) for considering income as under-reported. The non-disclosure of interest on income tax refunds was an inadvertent and bona fide error, which does not attract penalty as per the Supreme Court's decision in Price Waterhouse Coopers Pvt. Ltd. case. Consequently, the Tribunal concluded that the Commissioner of Income Tax (Appeals) was not justified in sustaining the penalty levied by the Assessing Officer u/s 270A.

View Source

← Previous Next →

The Tribunal allowed the assessee's appeal and held that the ...

Tax penalty cancelled for honest mistakes in disclosing interest income.

December 9, 2024

Case Laws Income Tax AT

You may also like:

Penalty order u/s 271AAB for treating an amount included in the Return of Income as 'undisclosed income' was found unjustified. The Commissioner of Income Tax (Appeals)...

Penalty levied u/s 274 read with Section 270A - assessee computed tax on disallowed depreciation amount at maximum marginal rate and levied 200% penalty on payable tax -...

Charging of interest u/s.234C - Interest for deferment of advance tax - whether to charge interest u/s.234C only on the income disclosed in the return of income filed...

Penalty u/s 271AAB for unexplained cash commission expenses u/s 69C cannot be imposed if the additional income disclosed by the assessee in the return of income is not...

Levy of penalty u/s 270A - Failure to offer the interest on income tax refund subject to tax - the explanation of the assessee for not offering the interest on income...

Penalty u/s. 270A - Under-reporting of income / Mis-reporting - Interest income from income tax refunds - After reviewing the submissions and case materials, the...

Penalty u/s 271(1)(c) - Explanation is bonafide is, we find, supported by the fact that during assessment proceedings the assessee, realizing his mistake even before...

Penalty u/s 271(a)(c) - The explanation filed by the assessee about not disclosing interest income in the return of income was not bona fide - levy of penalty confirmed - AT

The assessee borrowed loans from financial institutions at an interest rate of 12.75% and advanced loans to group companies or relatives at 12% interest rate. The...

The summary highlights the key difference between the scope of total income under the Income Tax Act and the Black Money (Undisclosed Foreign Income and Assets) and...

Disclosure of income under VDIS - set off of tax under VDIS with advance tax (including TDS) in regular course - a Section 70 and 71 mandate that the income disclosed in...

The key points of the legal judgment by ITAT Delhi are as follows: The case involved the taxability of interest income on FDRs purchased by Uttarakhand Forest...

Refund of tax paid as advance tax after opting for VDIS scheme - Since he did not submit any return under section 139 before this scheme, therefore involuntarily...

Service tax demand on income shown in Income Tax Return - Suppression of facts and contravention of Act/Rules with intent to evade tax - Extended period of limitation...

Penalty u/s 271(1)(c) of the Income Tax Act – short term capital gains was not disclosed in the return of income - levy of penalty confirmed - AT

Quick Updates: