Subscribe to the Bombay Chartered Accountant Journal Subscribe Now!

June 2024

S. 270A – No penalty under section 270A can be levied for incorrect reporting of interest income if the interest income as appearing in Form 26AS as on date of filing of return was correctly disclosed by the assessee and the difference in interest income was on account of delayed reporting by the deductor. S. 270A – No penalty under section 270A could be levied if the enhanced claim of exemption under section 10(10) of the assessee was on the basis of a mistaken but bona fide belief and he had disclosed all material facts and circumstances of his case S. 270A – Imposition of penalty under section 270A(1) is discretionary and not mandatory.

By Jagdish T Punjabi, Chartered Accountant
Devendra Jain & Aditya Bhatt, Advocates
Reading Time 4 mins

18 Ravindra Madhukar Kharche vs. ACIT

(2024) 161 taxmann.com 712 (Nagpur Trib)

ITA No.: 228(Nag) of 2023

A.Y.: 2017–18

Dated: 16th April, 2024

S. 270A – No penalty under section 270A can be levied for incorrect reporting of interest income if the interest income as appearing in Form 26AS as on date of filing of return was correctly disclosed by the assessee and the difference in interest income was on account of delayed reporting by the deductor.

S. 270A – No penalty under section 270A could be levied if the enhanced claim of exemption under section 10(10) of the assessee was on the basis of a mistaken but bona fide belief and he had disclosed all material facts and circumstances of his case

S. 270A – Imposition of penalty under section 270A(1) is discretionary an

Read More
Download PDF

You May Also Like

Section 17(3) — payment of ex-gratia compensation without any obligation on the part of employer to pay an amount in terms of any service rule would not amount be taxable under section 17(3)(i). The Departmental Representative is required to confine to his arguments to points considered by AO / CIT(A) and could not set up altogether a new case before ITAT and assume the position of the CIT under section 263.

Sec. 48.: Where assessee sold house properties and claimed indexed cost of improvement while computing long term capital gains, since all expenditure incurred enhanced the sale value of the house property, assessee was entitled to deduction towards cost of improvement. Sec. 54.: Where assessee reinvested sale proceeds in purchase of property from his own bank account, then the property being registered in the name of his parents will not disentitle the assessee to claim a deduction u/s 54 of the Act.