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Section 270A Penalty is not automatic & necessitate a substantial misrepresentation or suppression of facts
Case Law Details
- Case Name
- Kannappan Vijayalakshmi Vs ITO (ITAT Chennai)
- Appeal Number
- Only available for paid members
- Date of Judgement/Order
- Only available for paid members
- Related Assessment Year
- 2016-17
- Courts
- All ITAT, ITAT Chennai
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Kannappan Vijayalakshmi Vs ITO (ITAT Chennai)
The recent judgment by the ITAT Chennai in the case of Kannappan Vijayalakshmi vs ITO offers insightful perspectives on the levy of penalties under section 270A(9)(a) of the Act. The case revolved around the levy of a penalty under section 270A for an amount of Rs. 4.12 Lacs for the Assessment Year 2016-17. The penalty was confirmed by the Commissioner of Income Tax (Appeals), National Faceless Appeal Centre (NFAC), Delhi, leading the assessee to further appeal.
The Core Dispute: The core contention was related to the computation of Long Term Capit...
