Case Law Details
Prathamesh Vivek Khot Vs ITO (ITAT Mumbai)
Introduction: The case of Prathamesh Vivek Khot vs ITO, heard by the Mumbai ITAT, revolves around the application for immunity from penalty under section 270AA. Due to an error in uploading Form No. 68, the appeal was filed against the dismissal of the application.
Detailed Analysis: The appellant, Prathamesh Vivek Khot, contested the dismissal of the application for immunity from penalty under section 270AA of the Income Tax Act, 1961. The appeal arose from the appellate order passed by the National Faceless Appeal Centre, Delhi, wherein the penalty under section 270A(9) was upheld at ₹757,438.
1. Grounds of Appeal: Prathamesh Vivek Khot raised several grounds challenging the decision, including the contention that his case did not amount to misreporting under section 270A(9) and that he had a meritorious case in the quantum proceedings. Additionally, he argued that the delay in filing Form No. 68 for immunity from penalty was due to technical glitches on the income tax portal during the Covid-19 second wave.
2. Assessment and Penalty Proceedings: The appellant, being an individual consultant, was denied exemption under section 54F of the Income Tax Act, leading to the addition of ₹1,838,442. Subsequently, penalty proceedings were initiated under section 270A(1) and subsection 9(a) of the Act. Despite the appellant’s submission for immunity under section 270AA, the assessing officer levied a penalty of ₹757,438.
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