https://www.taxtmi.com/caselaws?id=756113 The ITAT Mumbai held that penalty under section 271(1)(C) was not sustainable against a non-resident Indian assessee who failed to file return for AY 2014-15. The assessee had only interest income with TDS deducted at 12.5% instead of the applicable DTAA rate of 10%. The tribunal found no concealment or inaccurate particulars as the declared income was accepted by revenue. The assessee's bonafide belief that proper TDS was deducted constituted legitimate expectation. The assessment order lacked proper direction or satisfaction for penalty initiation, making the penalty proceedings unsustainable under law. en-us Thu, 25 Jul 2024 00:00:00 +0530 Sat, 27 Jul 2024 08:46:53 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=756113 The ITAT Mumbai held that penalty under section 271(1)(C) was not sustainable against a non-resident Indian assessee who failed to file return for AY 2014-15. The assessee had only interest income with TDS deducted at 12.5% instead of the applicable DTAA rate of 10%. The tribunal found no concealment or inaccurate particulars as the declared income was accepted by revenue. The assessee's bonafide belief that proper TDS was deducted constituted legitimate expectation. The assessment order lacked proper direction or satisfaction for penalty initiation, making the penalty proceedings unsustainable under law. Case-Laws Income Tax Thu, 25 Jul 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=756113