Penalty u/s. 270A cannot be levied in absence of under reporting of income: ITAT Delhi

ITO Vs Om Minerals (ITAT Delhi) ITAT Delhi held that penalty under section 270A of the Income Tax Act not leviable since income assessed and income processed are same. Accordingly, in absence of under reporting of income, no penalty can be levied. Facts- The case of the assessee was selected for scrutiny. During the assessment proceedings, the AO noted from the Audit report that the payments towards interest on R&R charges; interest on royalty; mines and geology charges and R&R charges were not made before the due date for furnishing the return of income of the previous year u/s 139(1)...