https://www.taxtmi.com/caselaws?id=770906 Legal Case Summary:HC analyzed penalty provisions under Income Tax Act, section 270A. Despite initial applicability of penalty for first-time return filing under section 148, the Court found the assessee's explanation bona fide. The taxpayer had paid self-assessment tax before reassessment notice and demonstrated genuine inability to file return due to system constraints. Consequently, HC deleted the 50% penalty, ruling that the case fell within statutory exception for under-reporting of income. en-us Wed, 14 May 2025 00:00:00 +0530 Sat, 17 May 2025 08:39:11 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=770906 Legal Case Summary:HC analyzed penalty provisions under Income Tax Act, section 270A. Despite initial applicability of penalty for first-time return filing under section 148, the Court found the assessee's explanation bona fide. The taxpayer had paid self-assessment tax before reassessment notice and demonstrated genuine inability to file return due to system constraints. Consequently, HC deleted the 50% penalty, ruling that the case fell within statutory exception for under-reporting of income. Case-Laws Income Tax Wed, 14 May 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=770906