ITAT Deletes Penalty for Incorrect Deduction Claimed by Mistake

Asit Kumar Dutta Vs ITO (ITAT Kolkata) The appeal before the Income Tax Appellate Tribunal (ITAT), Kolkata, involved Asit Kumar Dutta against the penalty of Rs.1,17,641/- imposed under Section 271(1)(c) of the Income-tax Act, 1961, for the assessment year 2016-17. The penalty, which represented 100% of the tax sought to be evaded, was levied by the Assessing Officer (AO) and subsequently confirmed by the Ld. CIT(A). The facts of the case indicate that the assessee, a salaried employee of SAIL, Durgapur Steel Plant, initially filed a return declaring an income of Rs.10,37,040/-. A revised retur...