https://www.taxtmi.com/caselaws?id=778406 ITAT held that payments characterized as hardship/rehabilitation/displacement allowances arising from dispossession due to redevelopment were not revenue in nature and thus not taxable. Although the assessee filed Form 68 with procedural defects and had paid tax and interest to secure peace, imposing penalty under section 270A for underreporting would cause undue hardship. The Tribunal set aside the CIT(A)'s confirmation of the penalty and deleted the penalty, allowing the appeal. en-us Wed, 03 Sep 2025 00:00:00 +0530 Tue, 16 Sep 2025 09:02:40 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=778406 ITAT held that payments characterized as hardship/rehabilitation/displacement allowances arising from dispossession due to redevelopment were not revenue in nature and thus not taxable. Although the assessee filed Form 68 with procedural defects and had paid tax and interest to secure peace, imposing penalty under section 270A for underreporting would cause undue hardship. The Tribunal set aside the CIT(A)'s confirmation of the penalty and deleted the penalty, allowing the appeal. Case-Laws Income Tax Wed, 03 Sep 2025 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=778406