Section 270A Penalty Unjustified Due to Lack of Tax Evasion Intent: ITAT Pune

Silver Oak Buildcon Private Limited Vs ACIT (ITAT Pune) ITAT Pune held that non-inclusion of disallowance u/s. 43B while filing income tax return is bona fide and inadvertent error. Accordingly, imposition of penalty under section 270A for bona fide mistake without intent to evade payment of tax is not justifiable. Facts- The assessee is a company registered under the Companies Act and engaged in the activity of construction. During the course of assessment proceedings the Assessing Officer noted that in the tax audit report the auditor has shown the service tax liability of Rs.37 lakh which w...