No Penalty for Genuine Mistake in Disclosure of Income Tax Refund Interest

Advik Hi-Tech Pvt. Ltd. Vs DCIT (ITAT Pune)

The Income Tax Appellate Tribunal (ITAT) Pune Bench has overturned a penalty of Rs. 3,27,993/- levied under Section 270A of the Income Tax Act, 1961, on Advik Hi-Tech Pvt. Ltd. for the Assessment Year (AY) 2017-18. The Tribunal concluded that the non-disclosure of interest on income tax refund in the original return was an “inadvertent and bona fide error” and did not amount to “under-reporting” of income as defined by the Act.

The case involved Advik Hi-Tech Pvt. Ltd., which had filed its original income ta

Please become a Premium member. If you are already a Premium member, login here to access the full content.