Clerical Mistake Not a Misreporting for Section 270A Penalty for Charitable Institutions

St. Peters School Vs ITO (ITAT Kolkata) The Income Tax Appellate Tribunal (ITAT), Kolkata Bench, has allowed the appeal of St. Peters School—a charitable institution operating under Section 10(23C)(vi)—setting aside the penalty of Rs.15,64,436/- imposed under Section 270A for alleged misreporting of income for the Assessment Year 2018-19. The penalty arose from the Assessing Officer’s (AO) disallowance of depreciation amounting to Rs.31,56,450/-. The AO cited Section 11(6), which prohibits claiming depreciation on assets whose cost has already been allowed as an application of income...