No 270A Penalty When Income Declared in 148 Return Is Accepted: ITAT Deletes ₹4.91 Lakh Penalty

Ansh Organisers Private Limited Vs DCIT (ITAT Ahmedabad) No 270A Penalty When Income Declared in 148 Return Is Accepted: ITAT Deletes ₹4.91 Lakh Penalty The Ahmedabad ITAT deleted penalty levied under Section 270A on Ansh Organisers Private Limited holding that once the income disclosed in the return filed in response to notice under Section 148 was accepted without any addition, the case could not be treated as one of “under-reporting” or “misreporting” of income. The assessee had originally not filed return under Section 139(1), following which reassessment proceedings were initiat...