ITAT Upholds Section 270A Penalty for Failure to Report Mutual Fund Redemption Gains

Advertisement Yadava Reddy Appidi Vs DCIT (ITAT Hyderabad) The assessee appealed before the Income Tax Appellate Tribunal (ITAT), Hyderabad, against the order of the Commissioner of Income Tax (Appeals) for Assessment Year 2022-23, which upheld a penalty imposed under Section 270A of the Income-tax Act. The assessee had filed the return of income declaring total income of ₹1,21,73,440, including capital gains from security transactions. The case was selected for scrutiny, and the Assessing Officer (AO) completed the assessment under Sections 143(3) read with 144B by making additions towar...