Institutional incapacity in customs settlement proceedings excludes non-functional quorum periods from statutory disposal timelines, preventing automa...
Interactive touchscreen panels with integrated computing functions fall under automatic data-processing machines rather than display monitors for cust...
Ex parte injunction service requirements were substantially met, while civil recovery and SFIO investigation into provident fund defalcation continued...
Enforcement of resolution-plan directions continues without a Supreme Court stay, preventing suspension of redistribution and escrowed-fund distributi...
Third-party ownership claims over attached property require Special Court adjudication where purchasers lack registered sale deeds and bona fides rema...
Pure-agent reimbursements in clearing and forwarding services are excluded from taxable value when qualifying third-party payments are properly record...
Customs relief for Strait of Hormuz maritime disruptions remains available, with existing conditions continuing unchanged through the extended validit...
The ITAT held that penalty under section 270A cannot be imposed solely because the return was filed in response to a notice under section 148. Mere delay in filing does not amount to under-reporting unless there is concealment or misrepresentation of income. The assessee's income was fully disclosed, supported by third-party documents, subjected to TDS, and accepted without adjustment by the AO. The authority must exercise discretion judiciously before levying penalty, considering the assessee's bona fide conduct and absence of tax evasion. Since there was no addition or disallowance, and no revenue loss or fraudulent intent was established, the penalty was not warranted. The failure to file return under section 139(1) alone does not constitute under-reporting under section 270A(2)(b). Consequently, the appeal was allowed and the penalty under section 270A was set aside.
The ITAT held that penalty under section 270A cannot be imposed solely because the return was filed in response to a notice under section 148. Mere delay in filing does not amount to under-reporting unless there is concealment or misrepresentation of income. The assessee's income was fully disclosed, supported by third-party documents, subjected to TDS, and accepted without adjustment by the AO. The authority must exercise discretion judiciously before levying penalty, considering the assessee's bona fide conduct and absence of tax evasion. Since there was no addition or disallowance, and no revenue loss or fraudulent intent was established, the penalty was not warranted. The failure to file return under section 139(1) alone does not constitute under-reporting under section 270A(2)(b). Consequently, the appeal was allowed and the penalty under section 270A was set aside.
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