ITAT Deletes Sections 271(1)(c) & 270A Penalties for Bogus Section 80C Claims

Sunil Chunilal Kumavat Vs ITO (ITAT Pune) The Income Tax Appellate Tribunal (ITAT) Pune Bench has overturned penalties levied against Sunil Chunilal Kumavat for the assessment years 2016-17, 2017-18, and 2018-19. These penalties, imposed under Section 271(1)(c) and Section 270A of the Income Tax Act, 1961, stemmed from alleged bogus claims for Section 80C deductions. For the Assessment Year 2016-17, the Assessing Officer’s (AO) order stated the assessee furnished “inaccurate particulars of income,” but the National Faceless Appeal Centre (NFAC) order indicated “concealm...