TaxTMI 
TaxTMI 
2026 (8) TMI 1095
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....acts of the case are that, as per the information received through the Insight Portal, it was found that the assessee had not filed the return of income for the A.Y. 2018-19, however, the assessee was involved in various financial transactions, including receipt of salary income after deduction of tax at source under section 192 of Income-tax Act, 1961 from M/s. Verizon Data Services India Private Limited and receipt of interest income from various companies after deduction of tax at source under section 194A of the Act. Since the assessee had not filed the return of income, the assessment was reopened by issuance of notice under section 148 of the Act, dated 04.04.2022. In response to the said notice, the assessee filed her return of incom....
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.... under the bona fide belief that her employer had filed her return of income. For the year under consideration, for the reasons best known to the company, the return of income was not filed. Since she was under the bona fide belief that the company had filed her return of income, she did not give attention to the filing of the return. However, immediately upon receipt of notice under section 148 of the Act, she filed the return of income disclosing true and correct particulars of her income, on which taxes had already been paid through TDS. Therefore, it cannot be said that it was a case of under-reporting of income which is in consequence of misreporting thereof. The A.O., after considering the submissions of the assessee, observed that th....
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....nnot be considered for the purpose of levy of penalty under section 270A of the Act. The assessee further submitted that, she could not file the return of income due to a mistaken belief of facts, as she was under the bona fide belief that her employer had filed her returns of income in the earlier years and, for the reasons best known to the employer, the same was not filed for the year under consideration. Further, during the relevant point of time, she was employed outside India and, due to the said circumstances, she could not give attention to the filing of the return of income under section 139(1) of the Act. It was also submitted that these facts were duly explained to the A.O., but the A.O. ignored the explanation of the assessee an....
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....urn of income filed in response to notice under section 148 of the Act. The A.O. accepted the income returned by the assessee and made an addition only to the extent of Rs. 44,734/- towards interest on savings bank account, which the assessee had claimed as deduction under section 80TTA of the Act. It was further submitted that these facts were duly explained before the A.O. as well as the Ld. CIT(A) and claimed that the assessee was under the bona fide belief that her employer had filed the return of income on her behalf and, due to the said bona fide belief, she could not give attention to the filing of return of income. Therefore, the learned counsel for the assessee submitted that the A.O. as well as the Ld. CIT(A) erred in levying and ....
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....he quantum of under-reported income and, as per sub-section (3), in a case where the return has been furnished for the first time under section 148, the difference between the amount of income assessed and the maximum amount not chargeable to tax, in a case not covered under clause (a), shall be treated as under-reported income. In the ordinary case, the case of the assessee squarely falls u/s. 270A(2)(b) r.w.s. 270A(3)(i)(b) of the Act, however, going by the explanation of the assessee for not filing the return of income u/s. 139(1) and subsequent return of income filed by the assessee in response to notice u/s. 148 disclosing entire income and also the income assessed by the A.O., in our considered view, the case of the assessee squarely ....