https://www.taxtmi.com/caselaws?id=751798 ITAT Jaipur quashed penalty under section 270A imposed on assessee for alleged misreporting of income. The tribunal held that AO failed to specify which sub-clause of section 270A(9) applied to the case. Assessee had claimed depreciation following earlier year's practice and revised calculation during assessment proceedings after CIT(A)'s order in previous year. The tribunal found no suppression or misrepresentation of facts, noting the depreciation issue was debatable and assessee disclosed all facts in return. Interest on TDS was deemed compensatory, not penal. Following Supreme Court precedents and recent High Court decisions requiring clear specification of applicable provisions, penalty was deleted. en-us Mon, 22 Apr 2024 00:00:00 +0530 Thu, 25 Apr 2024 10:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=751798 ITAT Jaipur quashed penalty under section 270A imposed on assessee for alleged misreporting of income. The tribunal held that AO failed to specify which sub-clause of section 270A(9) applied to the case. Assessee had claimed depreciation following earlier year's practice and revised calculation during assessment proceedings after CIT(A)'s order in previous year. The tribunal found no suppression or misrepresentation of facts, noting the depreciation issue was debatable and assessee disclosed all facts in return. Interest on TDS was deemed compensatory, not penal. Following Supreme Court precedents and recent High Court decisions requiring clear specification of applicable provisions, penalty was deleted. Case-Laws Income Tax Mon, 22 Apr 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=751798