Bona fide error cannot be basis of imposition of penalty u/s. 270A: ITAT Delhi

Advertisement ACIT Vs Mahashian Di Hatti Pvt. Ltd. (ITAT Delhi) ITAT Delhi held that bona fide error cannot be basis of imposition of penalty and hence imposition of penalty under section 270A of the Income Tax Act rightly deleted by First Appellate Authority. Facts- The case was selected for scrutiny under CASS. During assessment proceedings the AO noticed that there was difference of Rs.1,63,21,921/-in opening written down value (WDV) in the ITR for AY 2017-18 and closing written down value for AY 2016-17. The AO confronted the same u/s 142(1) of the Act. The assessment was completed u/s ...