ITAT rules No Penalty u/s 270A for Misreporting Income Due to Correct Filing and Tax Payment [Read Order]

The assessee's counsel argued that the return was filed, and taxes were paid once the shortfall was identified, making the penalty unjustifiable.
By Sneha Sukumaran Mullakkal - On March 27, 2025 6:16 pm - 2 mins read
ITAT Ahmedabad - Income tax assessment - Taxscan

The Ahmedabad Bench of Income Tax Appellate Tribunal(ITAT)  ruled that no penalty under Section 270A of Income Tax Act,1961, for misreporting income was applicable due to correct filing and tax payment. Suresh Rao,appellant-assessee,did not file his return for AY 2018-19. He worked as a salaried employee at Tata Power Company Ltd. A substantial amount was…

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