No Penalty for Excessive Income Tax Refund Claim due to Consultant’s Fraud

Veereshayya Angadi Vs ITO (ITAT Bangalore) Introduction: The Income Tax Appellate Tribunal (ITAT) in Bangalore recently addressed the issue of penalization of an assessee for an excessive refund claim on the return of income, influenced by a tax consultant. In the case of Veereshayya Angadi Vs ITO, the court examined the complex nuances of penalty under section 270A of the Income Tax Act, redefining the responsibility of the assessee and the tax consultant. Analysis: This landmark case revolves around the concept of ‘bonafide belief’ of the assessee, who filed a revised return of i...