Bona Fide Claim Under Newly Introduced Section 71(3A) Saves Assessee from Penalty Under Section 270A

Uday Garudachar Bindiganavale Vs ITO (ITAT Bangalore) Bona Fide Claim Under Newly Introduced Section 71(3A) Saves Assessee from Penalty Under Section 270A The Bangalore ITAT deleted a penalty of ₹5.67 lakh levied under section 270A for under-reporting of income, holding that the assessee had furnished a bona fide explanation and had disclosed all material facts relating to the computation of income. The Tribunal observed that a genuine mistake arising from lack of awareness of a newly introduced provision cannot automatically attract penalty. The assessee had claimed set-off of the entire lo...