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        Case ID :
        Income Tax

        ITAT ruled against penalty under s.270A for under-reporting...

        Penalty Under Section 270A Waived Despite Missing Form 68 As Taxpayer Met Core PMGKY Compliance Requirements

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                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.
                                ITAT ruled against penalty under s.270A for under-reporting income. Taxpayer met substantive conditions for immunity under s.270AA(1) by paying assessed tax and interest within prescribed time after declaring Rs.30 lakhs under PMGKY scheme. While Form 68 wasn't filed with AO, ITAT held this procedural omission shouldn't override substantive compliance. Citing principle that technical procedures shouldn't impede substantial justice, tribunal found non-filing of Form 68 was merely technical breach. Since taxpayer satisfied core requirements of s.270AA(1)(a)&(b), immunity from penalty was granted despite procedural lapse. Appeal decided in taxpayer's favor, setting aside penalty under s.270A.
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