https://www.taxtmi.com/caselaws?id=776167 The ITAT Ahmedabad held that penalty under section 270A could not be imposed without initiation of penalty proceedings and proper show cause notice, which was absent for additions related to belated EPF and ESI payments. The penalty on additional depreciation claimed due to a bona fide mistake was also not justified, as there was no intent to misreport income. Further, contractual penalty charges debited by the assessee did not amount to a legal penalty warranting levy under section 270A. Consequently, the tribunal quashed the penalty imposed and allowed the assessee's appeal. en-us Fri, 03 Jan 2025 00:00:00 +0530 Wed, 06 Aug 2025 08:19:35 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=776167 The ITAT Ahmedabad held that penalty under section 270A could not be imposed without initiation of penalty proceedings and proper show cause notice, which was absent for additions related to belated EPF and ESI payments. The penalty on additional depreciation claimed due to a bona fide mistake was also not justified, as there was no intent to misreport income. Further, contractual penalty charges debited by the assessee did not amount to a legal penalty warranting levy under section 270A. Consequently, the tribunal quashed the penalty imposed and allowed the assessee's appeal. Case-Laws Income Tax Fri, 03 Jan 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=776167