No penalty u/s. 270A as non-furnishing of return was bona fide: ITAT Bangalore

Sekhon Jagtar Singh Vs ITO (ITAT Bangalore) ITAT Bangalore held that imposition of penalty under section 270A of the Income Tax Act on account of underreporting of income not justified as failing to furnish income tax return was bona fide. Facts- The assessee in the present case is an individual who has not filed return of income u/s 139 of the Act for the year under consideration. As such, the assessee disclosed the income under the head ‘salary’ in response to the notices issued u/s 148 of the Act by furnishing form 16. Likewise, the AO during the assessment proceedings found that the as...