https://www.taxtmi.com/caselaws?id=753115 ITAT Ahmedabad allowed the assessee's appeal against penalty u/s 270A for under-reporting income from property sale. The assessee sold property where purchaser deducted TDS u/s 194-IA, with transaction reflected in Form 26AS. The assessee believed no additional tax liability existed due to TDS deduction. ITAT held that penalty cannot be imposed for technical breach based on bona fide belief. Since sale consideration was reported in Form 26AS and undisputed by Department, there was no misrepresentation or suppression of facts warranting penalty imposition. en-us Wed, 22 May 2024 00:00:00 +0530 Fri, 24 May 2024 22:03:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=753115 ITAT Ahmedabad allowed the assessee's appeal against penalty u/s 270A for under-reporting income from property sale. The assessee sold property where purchaser deducted TDS u/s 194-IA, with transaction reflected in Form 26AS. The assessee believed no additional tax liability existed due to TDS deduction. ITAT held that penalty cannot be imposed for technical breach based on bona fide belief. Since sale consideration was reported in Form 26AS and undisputed by Department, there was no misrepresentation or suppression of facts warranting penalty imposition. Case-Laws Income Tax Wed, 22 May 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=753115