July 2025
Non-filing of Form 68 is only a technical or venial breach which should not snatch away the substantive right to claim immunity from levy of penalty, which assessee got vested with on fulfilment of substantive conditions mandated in Clause (a) & (b) of sub-section (1) of section u/s. 270AA of the Act.
20 New Dawath Traders vs. ITO
TS-119-ITAT-2025 (Mum.)
A.Y.: 2017-18 Date of Order : 14.2.2025
Sections: 270A, 270AA
Non-filing of Form 68 is only a technical or venial breach which should not snatch away the substantive right to claim immunity from levy of penalty, which assessee got vested with on fulfilment of substantive conditions mandated in Clause (a) & (b) of sub-section (1) of section u/s. 270AA of the Act.
FACTS
The assessee firm engaged in the business of wholesale rice trade in the name and style of M/s. Dawath Traders filed its return of income for AY 2017-18, on 30.10.2017, disclosing total income at ₹6,52,740. Later, the premises of the assessee was surveyed u/s.133A of the Act on 17.03.2017 and based on the survey findings, the return was selected for scrutiny and the AO assessed total income at ₹55,46,812 and since, the assessee has offered ₹30 lakhs under PMGKY Scheme, net-assessed income came down to ₹25,46,812.
Pursuant to the assessment order dated 30.12.2019, assessee remitted the tax computed at ₹8,70,297 within 30 days of the demand, and didn’t file any appeal against the assessment order dated 30.12.2019. Thus, assessee claimed that it was eligible/entitled for immunity from imposition of penalty u/s.270AA of the Act. However, the AO didn’t agree, because assessee didn’t file Form 68 before him, within the peri
