2024 (8) TMI 163

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....enue : Shri Vizay B. Vasanta, CIT-DR ORDER PER ANUBHAV SHARMA, JM: This appeal arises out of the penalty order dated 30.05.2022 passed by the DCIT, Circle Int. Taxation1(1)(2), New Delhi (hereinafter referred to as the Ld. AO) u/s 270A of the Income Tax Act, 1961 (hereinafter referred as 'the Act') for the assessment year 2018-19 which has been sustained by the CIT(A), Delhi-42, by order ....

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....t is a fit case for initiating penalty proceedings u/s 270A of the Act. Accordingly, show-cause notice was issued on 12.05.2022 and the impugned penalty order dated 30.05.2022 was passed. As it was challenged before the CIT(A), it was sustained. 3. The ld. AR has stressed on the fact that the difference of receipts relates to some other entity and the Director had inadvertently deducted the tax....

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....s no specific allegation of the fact of which misrepresentation was made or the fact which was suppressed for the purpose of specific limb of section 270A(9) of the Act. We are of considered view that this alone is sufficient to set aside the penalty. 6. However, during hearing it also transpired that in fact, subsequently the Form 26AS stands rectified and the alleged discrepancy no more exist....