Penalty Imposed u/s 270A of IT Act for Misreporting of Income without Application of Mind: ITAT directs Re-adjudication [Read Order]

Penalty - IT Act - misreporting of income - ITAT directs re-adjudication - Penalty imposed IT Act - ITAT - re-adjudication - Taxscan

The Mumbai bench of Income Tax Appellate Tribunal (ITAT) held that the penalty imposed by the assessing officer under section 270A of Income Tax Act,1961 for misreporting of income without the application of mind is invalid. Saltwater Studio LLP, the appellant assessee appealed against the order passed by the Commissioner of Income Tax ( Appeals)…

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