TaxTMI 
TaxTMI 
2025 (4) TMI 1622
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.... and in law. 2.1. The Ld.CIT(A) erred in deleting the penalty of Rs. 75,27,796/- levied u/s.270A of the Income-tax Act by the Assessing Officer. 2.2. The Ld.CIT(A) erred in not appreciating the fact that the assessee has claimed Foreign Tax credit amounting to Rs. 37,63,898/- in his return of income filed for A.Y.2018-19 on 27.03.2019 without filing Form 67 within the due date of filing of return contravening the Rule 128(9) of Income-tax Rules, 1962 r.w.s 90/90A of the Income-tax Act, which led to misrepresentation of facts as per the provisions of Sec.270A(9) of the Income-tax Act, 1961 which warranted levy of penalty u/s.270A(8) of the Income-tax Act. 3 The appellant craves leave to add or delete or amend or substitute any ground o....
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....not fall in the category of mis-reporting of income or facts as contemplated u/s 270A(2)(9) of the I.T. Act, 1961. The claim of Foreign Tax Credit has been denied by the Assessing Officer only due to the delay in filing the Form-67 and therefore, there is no mis-reporting of income on the part of the assessee by making a claim of Foreign Tax Credit whichis factually correct. He has supported the impugned order of the learned CIT (A). 5. We have considered the rival submission as well as relevant material available on record. The Assessing Officer while passing the assessment order u/s 143(3) of the Act denied the claim of Foreign Tax Credit of Rs. 37,63,898/ -. The Assessing Officer noted that for the year under consideration, the assessee....
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....he first time under section 148; (c)the income reassessed is greater than the income assessed or reassessed immediately before such reassessment; (d)the amount of deemed total income assessed or reassessed as per the provisions of section 115JB or section 115JC, as the case may be, is greater than the deemed total income determined in the return processed under clause (a) of sub-section (1) of section 143; (e)the amount of deemed total income assessed as per the provisions of section 115JB or section 115JC is greater than the maximum amount not chargeable to tax, where no return of income has been furnished or where return has been furnished for the first time under section 148; (f)the amount of deemed total income reassessed as per....
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.... entries in the books of account, failure to record any receipt in the books of account having bearing on the total income and failure to report any international transaction or specified domestic transactions. In the case in hand, though the Assessing Officer has not enhanced the total income of the assessee while passing the assessment order, but the tax liability of the assessee was increased due to the reason that the claim of credit of foreign tax was denied by the Assessing Officer due to the reason of delay in filing Form-67. Thus, it is clear from the facts that the case of the assessee does not fall in the category of misreporting of income as envisaged in sub-section (2) and (9) of section 270A of the I.T. Act, 1961. The learned C....