Disallowance of claim of expenditure cannot be basis for levy of penalty u/s. 270A: ITAT Jaipur

Urmila Rajendra Mundra Vs ITO (ITAT Jaipur)

ITAT Jaipur held that merely the claim of the assessee was not entertained it cannot be a reason automatically to levy the penalty for misreporting or under reporting of the income. Accordingly, levy of penalty under section 270A of the Income Tax Act set aside.

Facts- Assessee has preferred the present appeal mainly contesting that CIT(A), NFAC, Delhi has wrongly confirmed the levy of penalty u/s 270A of Rs. 2,03,488/- considering disallowances of i

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