https://www.taxtmi.com/caselaws?id=445053 The ITAT Delhi held that penalty u/s 270A for under-reporting of income was not imposable where the assessee had fully disclosed interest income in its original return but claimed exemption based on bonafide belief regarding mutuality principle. The assessee subsequently filed revised return offering the income to tax and opted for DTVSV Scheme after becoming aware of taxability during assessment proceedings for AY 2013-14. Since complete disclosure was made initially and the exemption claim was based on genuine misconception of law rather than concealment, the penalty was vacated in favor of the assessee. en-us Thu, 26 Oct 2023 00:00:00 +0530 Sun, 29 Oct 2023 21:54:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=445053 The ITAT Delhi held that penalty u/s 270A for under-reporting of income was not imposable where the assessee had fully disclosed interest income in its original return but claimed exemption based on bonafide belief regarding mutuality principle. The assessee subsequently filed revised return offering the income to tax and opted for DTVSV Scheme after becoming aware of taxability during assessment proceedings for AY 2013-14. Since complete disclosure was made initially and the exemption claim was based on genuine misconception of law rather than concealment, the penalty was vacated in favor of the assessee. Case-Laws Income Tax Thu, 26 Oct 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=445053