https://www.taxtmi.com/caselaws?id=436820 The Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 270A of the Income Tax Act, 1961. The penalty of Rs. 5,70,222 was imposed for under-reporting income related to disallowed expenses, but the Tribunal found that disallowing 20% of the expenditure claimed did not amount to under-reporting income. As the disallowance was estimated and all details were provided to the Assessing Officer, the penalty was deemed unsustainable. Consequently, the penalty was deleted, and the appeal by the assessee was allowed. en-us Fri, 10 Mar 2023 00:00:00 +0530 Fri, 21 Apr 2023 07:48:22 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=436820 The Tribunal ruled in favor of the assessee, deleting the penalty imposed under section 270A of the Income Tax Act, 1961. The penalty of Rs. 5,70,222 was imposed for under-reporting income related to disallowed expenses, but the Tribunal found that disallowing 20% of the expenditure claimed did not amount to under-reporting income. As the disallowance was estimated and all details were provided to the Assessing Officer, the penalty was deemed unsustainable. Consequently, the penalty was deleted, and the appeal by the assessee was allowed. Case-Laws Income Tax Fri, 10 Mar 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=436820