https://www.taxtmi.com/caselaws?id=772170 ITAT Mumbai held that penalty under section 270A was not sustainable where assessee paid interest at higher than market rates and AO disallowed excess interest. The assessee had conceded the disallowance and paid tax on the addition. The tribunal found that making an excessive claim does not constitute misrepresentation or suppression of facts. Additionally, the AO failed to specify which limb of section 270A(9) was invoked in the penalty notice. The penalty was cancelled and assessee's appeal was allowed. en-us Thu, 21 Nov 2024 00:00:00 +0530 Thu, 05 Jun 2025 08:25:38 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=772170 ITAT Mumbai held that penalty under section 270A was not sustainable where assessee paid interest at higher than market rates and AO disallowed excess interest. The assessee had conceded the disallowance and paid tax on the addition. The tribunal found that making an excessive claim does not constitute misrepresentation or suppression of facts. Additionally, the AO failed to specify which limb of section 270A(9) was invoked in the penalty notice. The penalty was cancelled and assessee's appeal was allowed. Case-Laws Income Tax Thu, 21 Nov 2024 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=772170