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ITAT allowed the appeal of the assessee and deleted the penalty imposed u/s 270A(9) of the Act. ITAT held that the income from surrender/redemption of the Bajaj Equity Plus Fund had been duly disclosed in the return, though under the incorrect head "Capital Gains" instead of "Income from Other Sources." As there was no misrepresentation, suppression of facts, or failure to report income, the case did not fall within any of the clauses (a) to (f) of s. 270A(9), which govern "under-reporting" and "misreporting" of income. Relying on its earlier view that mere change of head of income does not attract penalty, ITAT cancelled the penalty and decided in favour of the assessee.
ITAT allowed the appeal of the assessee and deleted the penalty imposed u/s 270A(9) of the Act. ITAT held that the income from surrender/redemption of the Bajaj Equity Plus Fund had been duly disclosed in the return, though under the incorrect head "Capital Gains" instead of "Income from Other Sources." As there was no misrepresentation, suppression of facts, or failure to report income, the case did not fall within any of the clauses (a) to (f) of s. 270A(9), which govern "under-reporting" and "misreporting" of income. Relying on its earlier view that mere change of head of income does not attract penalty, ITAT cancelled the penalty and decided in favour of the assessee.
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