https://www.taxtmi.com/caselaws?id=775687 The ITAT Ahmedabad held that penalty under section 270A cannot be imposed solely because the return was filed in response to a notice under section 148. The tribunal found no concealment or misreporting as the income was fully disclosed, supported by third-party documents, and subjected to TDS. Failure to file the return under section 139(1) alone does not amount to under-reporting unless suppression or misrepresentation is shown. The discretion to levy penalty must be exercised judiciously, considering the assessee's bona fide conduct and absence of tax evasion. Since the assessment concluded without any additions or disallowances, and no revenue loss occurred, the penalty was not justified. The appeal was allowed, and penalty under section 270A was set aside. en-us Fri, 25 Jul 2025 00:00:00 +0530 Mon, 18 May 2026 10:46:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=775687 The ITAT Ahmedabad held that penalty under section 270A cannot be imposed solely because the return was filed in response to a notice under section 148. The tribunal found no concealment or misreporting as the income was fully disclosed, supported by third-party documents, and subjected to TDS. Failure to file the return under section 139(1) alone does not amount to under-reporting unless suppression or misrepresentation is shown. The discretion to levy penalty must be exercised judiciously, considering the assessee's bona fide conduct and absence of tax evasion. Since the assessment concluded without any additions or disallowances, and no revenue loss occurred, the penalty was not justified. The appeal was allowed, and penalty under section 270A was set aside. Case-Laws Income Tax Fri, 25 Jul 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=775687