https://www.taxtmi.com/highlights?id=80285 Penalty u/s 270A(9) for mis-reporting of income due to excess claim of ineligible expenditure u/s 35(2AB) was imposed. The Dispute Resolution Panel (DSIR) certificate in Form 3CL disallowing part of the expenditure was received by the assessee after the Assessing Officer's inquiry regarding the deduction claim u/s 35(2AB). The Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre observed that the assessee cannot be alleged of mis-reporting income as it was not done with malafide intention. Therefore, the penalty restricted to 100% of tax payable was not justified. The Income Tax Appellate Tribunal held that the penalty deserves to be deleted, deciding in favor of the assessee. en-us Fri, 09 Aug 2024 09:29:26 +0530 Fri, 09 Aug 2024 09:29:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/highlights?id=80285 Penalty u/s 270A(9) for mis-reporting of income due to excess claim of ineligible expenditure u/s 35(2AB) was imposed. The Dispute Resolution Panel (DSIR) certificate in Form 3CL disallowing part of the expenditure was received by the assessee after the Assessing Officer's inquiry regarding the deduction claim u/s 35(2AB). The Commissioner of Income Tax (Appeals)/National Faceless Appeal Centre observed that the assessee cannot be alleged of mis-reporting income as it was not done with malafide intention. Therefore, the penalty restricted to 100% of tax payable was not justified. The Income Tax Appellate Tribunal held that the penalty deserves to be deleted, deciding in favor of the assessee. Highlights Income Tax Fri, 09 Aug 2024 09:29:26 +0530 https://www.taxtmi.com/highlights?id=80285