Rs. 51 Lakh Section 270A Penalty Quashed as Employee Relied on Form 16 in Good Faith

Renil E K Kumar Vs DCIT (ITAT Bangalore) The Bangalore Bench of the Income Tax Appellate Tribunal (ITAT) allowed the appeal filed by the assessee against the order of the CIT(A)/NFAC confirming a penalty of Rs. 51,20,500 levied under Section 270A of the Income-tax Act for Assessment Year 2022-23. The Tribunal held that the penalty proceedings were unsustainable both on account of procedural defects and because the assessee had offered a bona fide explanation supported by material facts. The assessee, an employee of Wipro Limited, had filed his return of income declaring total income of Rs. 84,...