Concessional penalty for search-disclosed unreconciled jewellery applies where substantive disclosure conditions are met despite omission from origina...
ITAT held that penalty u/s 270A(9)(a) for under-reporting of income is deleted. The appellant, a salaried employee, demonstrated a bona fide mistake by relying on tax representative's advice and TDS portal figures. Given the taxpayer's full tax payment, reliance on official portal data, and genuine error, the tribunal found no intentional misreporting. The 200% penalty initially imposed by the Assessing Officer was consequently nullified, with the decision rendered in favor of the assessee based on mitigating circumstances.
ITAT held that penalty u/s 270A(9)(a) for under-reporting of income is deleted. The appellant, a salaried employee, demonstrated a bona fide mistake by relying on tax representative's advice and TDS portal figures. Given the taxpayer's full tax payment, reliance on official portal data, and genuine error, the tribunal found no intentional misreporting. The 200% penalty initially imposed by the Assessing Officer was consequently nullified, with the decision rendered in favor of the assessee based on mitigating circumstances.
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