Penalties should not be imposed for genuine errors or debatable claims: ITAT Pune

ACIT Vs RBL Bank Ltd. (ITAT Pune) 1. The recently, the Hon’ble Pune Income Tax Appellate Tribunal (ITAT) in ITA No.657/PUN/2024 examined the case of imposition of a penalty under Section 271(1)(c) of the Income-tax Act, 1961 (the Act). The key aspects of the decision are summarized as follows: 2. The Assessee had a long history of compliance with tax obligations and has never defaulted on tax payments. The Assessee had filed original return of income which was later on revised due to certain errors. In this regard, the Assessee had filed letter with the tax officer. The case of the assessee ...