Penalty u/s 270A for Misreporting without Proper Charge Specification Invalid: ITAT Deletes Rs. 38.05 Lakh Penalty [Read Order]
The tribunal observed that both the AO and the CIT(A) failed to apply the step ladder prescribed under Section 270A for levying penalty
By Franklin Joshva - On April 19, 2025 11:32 am - 2 mins read
The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT)deleted the penalty of Rs. 38.05 lakh imposed on the assessee due to the failure of the Assessing Officer (AO) to clearly specify the charge whether for under-reporting or misreporting of income. Nateshan Sampath (assessee), had not filed a return of income for Assessment Year 2018–19….
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