No Section 270A Penalty if No Misreporting or Underreporting by Assessee

Mahendra N. Patel Vs DCIT (ITAT Ahmedabad) In the case of Mahendra N. Patel Vs DCIT, heard by ITAT Ahmedabad, the penalty imposed under section 270A of the Income Tax Act was nullified due to the absence of misreporting or underreporting by the assessee. The case stemmed from the assessee filing their return of income for the assessment year 2020-21, declaring a total income of Rs. 5,49,75,980/-. Subsequently, the Assessing Officer conducted scrutiny assessment and determined a total assessed income of Rs. 5,63,08,997/-, with an addition of Rs. 13,33,313/-. This addition pertained to interest ...