Excess FTC Claim Not Underreporting—No Section 270A Penalty: Karnataka HC

Advertisement Srinivasa Gandhi Sampath Vs ACIT (Karnataka High Court) Erroneous excess claim of FTC not underreporting or misreporting of income; Sec. 270A not invocable: Karnataka High Court The Karnataka High Court examined the validity of a penalty imposed under Section 270A on the petitioner for allegedly under-reporting income through an excess claim of Foreign Tax Credit (FTC) for AY 2017-18. The petitioner’s return of income and FTC claim were fully accepted without variation both at the processing stage under Section 143(1) and during regular assessment under Section 143(3). Despi...