2025 (2) TMI 1922

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.....Y.] 2018-19. 2. The assessee has raised the following grounds of appeal: "1. The learned CIT(A) has erred in confirming the penalty levied of Rs. 15,86,925/- u/s. 270A of the Act without considering the inadvertent mistake by the Assessee. 2. The learned CIT(A) ought to have considered that the facts of the instant case does not fall under any of the clauses of sub-section (2) of section 270A of the Act. 3. The learned CIT(A) has erred in confirming that the Appellant has underreported its income and accordingly liable to pay penalty u/s. 270A of the Act. 4. The learned CIT(A) has erred in not considering the particulars of Interest Income in the Schedule of Profit and Loss of the Return of Income fil....

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....is return, the income was shown at nil and the refund of Rs. 34,03,030/- was claimed. The revised return got processed on 02.10.2019 and the case was also selected for scrutiny on the ground that the assessee had wrongly shown nil income. During the assessment proceedings, the assessee explained that in the process of responding to the defect notice, an incomplete return inadvertently got uploaded on the website. However, Ld. AO did not accept the assessee's clarification and proceeded to pass the assessment order wherein penalty proceedings u/s 270A of the Act for under-reporting of income were initiated. (iii) During the penalty proceedings, the assessee reiterated its contention that there was no malafide intent in claiming the refund....

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.... thereon every year. Even in the original return for the year under consideration, the assessee had correctly shown the income of Rs. 99,62,600/- on account of interest received. In view of the above factual matrix, it is clear that there was no intentional under-reporting of income on part of the assessee. 4. This revised return was processed u/s 143(1) on 02.10.2019 but before that, a notice u/s 143(2) was received by the assessee on 22.09.2019. As soon as the mistake was noticed, the assessee applied for rectification and also filed a grievance with E-nivaran on 14.01.2019. In response to the grievance, the CPC informed the assessee that rectification rights are transferred to the jurisdictional assessing officer. The assessee thereaf....