ITAT Hyderabad Deletes ₹17.55 Lakh Penalty: No Under-Reporting in Accepted 148 Return

Subbalakshmamma Pinnama Vs ITO (ITAT Hyderabad) The Tribunal observed that although the assessee did not furnish a return u/s 139(1) for AY 2017-18, she had voluntarily remitted ₹16,00,000 as self-assessment tax well in advance of the notice issued u/s 148. Upon receipt of the notice, she promptly filed the return disclosing long-term capital gains of ₹1,50,68,940, which the Assessing Officer accepted in toto without any variation. The delay in filing the return was attributed to genuine uncertainty surrounding the taxability of gains arising from a Joint Development Agreement involving sh...