No penalty leviable unless the conduct of the assessee is found to be contumacious

Aanya Real Estate Pvt. Ltd. Vs DCIT (ITAT Mumbai) In M/s. Aanya Real Estate Pvt. Ltd. v. Deputy CIT [IT A No. 115/Mum/2020 decided on July 20, 2021] M/s. Aanya Real Estate Pvt. Ltd. (“the Appellant”) is a real estate company. During assessment, it was noted that the Petitioner had disclosed payment for Exchange Server Services as revenue expenditure instead of capital expenditure. Subsequently, a show cause notice was issued under Section 274 of the Income Tax Act, 1961 (“IT Act”) read with 271(1)(c) of the IT Act and penalty was levied. Upon Appellant’s appeal CIT(A) confirmed the p...