Penalty u/s 270A cannot be Imposed if Assessed and Processed Income are Same: ITAT Quashes Penalty on S. 43B Disallowances [Read Order]

The tribunal upheld the section 43B disallowance but invalidated the penalty, confirming that there was no intentional misreporting by the assessee.
By Sneha Sukumaran Mullakkal - On September 7, 2024 3:37 pm - 2 mins read
ITAT - ITAT Delhi - Assesse - Disallowances - Income Tax - Taxscan

The Delhi Bench of Income Tax Appellate Tribunal ( ITAT ) ruled that the penalty under Section 270A of Income Tax Act,1961 cannot be imposed when the assessed income matches the income determined in the return processed. Thus, it quashed the penalty on disallowances made under Section 43B. Om Minerals, the respondent-assessee,filed a return on…

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