2024 (2) TMI 1667

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....or the Revenue : Shri Waseem UR Rehman, DR ORDER PER K. NARASIMHA CHARY, J.M: Aggrieved by the order passed by the learned Commissioner of Income Tax (Appeals)-11, Hyderabad, ("Learned CIT(A)"), in the case of Suresh Productions ("the assessee") for the assessment year 2017-18, assessee preferred this appeal with a delay of one day. Learned AR explained that the delay is due to calculatio....

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....ce it to refer the head under which the penalty is levied, which in this matter happens to be under reporting as a consequence of misreporting, covered by section 270A(9) of the Act. 4. We have gone through the record in the light of the submissions made on either side. Relevant portion of the penalty order in this case reads that,- "8. By considering facts of the case, I am satisfied ....

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....ce, Penalty leviable u/s 270A at the rate of two hundred per cent on tax payable is Rs. 20,764/- (Rupees Twenty Thousand Seven Hundred and Sixty Four only)." 5. It is very clear from the above that the learned Assessing Officer did not spell out the specific instance covered by 270A(9) of the Act in the case of the assessee. On the aspect of impact of non mentioning of the assessee's lapse fall....

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.... Since AO failed to bring the addition/disallowance he made in quantum assessment, under the ken of (a) to (f) of the sub-section (9) of section 270A of the Act, the penalty levied for misreporting @ 200% cannot be sustained because it is trite law that penalty provisions have to be strictly interpreted. And therefore, taking into consideration, the facts and circumstances of the case, we find tha....