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The ITAT allowed the appeal of the assessee and deleted the penalty levied u/s 270A. It held that the difference between the returned and assessed income did not constitute "under-reported income" u/s 270A(2), as the case squarely fell within the exclusion u/s 270A(6)(a). The assessee, a non-resident, had originally filed the return based on the then-available Form 26AS, with later-uploaded entries and a gross-up omission subsequently identified and voluntarily corrected before issuance of any statutory notice. The ITAT found the explanation bona fide, with full and true disclosure of all primary documents, reconciliations, and TDS details, no suppression or misstatement, and no loss of revenue since all income had suffered TDS. In absence of contumacious conduct, the penalty was held unsustainable and ordered to be cancelled.
The ITAT allowed the appeal of the assessee and deleted the penalty levied u/s 270A. It held that the difference between the returned and assessed income did not constitute "under-reported income" u/s 270A(2), as the case squarely fell within the exclusion u/s 270A(6)(a). The assessee, a non-resident, had originally filed the return based on the then-available Form 26AS, with later-uploaded entries and a gross-up omission subsequently identified and voluntarily corrected before issuance of any statutory notice. The ITAT found the explanation bona fide, with full and true disclosure of all primary documents, reconciliations, and TDS details, no suppression or misstatement, and no loss of revenue since all income had suffered TDS. In absence of contumacious conduct, the penalty was held unsustainable and ordered to be cancelled.
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