Section 270A Penalty Deleted as Assessed Income Matched Income Declared in Reassessment Return

Ratna Show Reddy Singareddy Vs DCIT (ITAT Hyderabad) The appeal before the ITAT Hyderabad arose from an order of the Commissioner of Income Tax (Appeals) upholding a penalty levied under Section 270A(9) of the Income-tax Act, 1961 for alleged under-reporting of income resulting from misreporting. The assessee, an individual, had originally filed a return for Assessment Year 2020-21 declaring total income of Rs.22,42,400. Subsequently, a search and seizure operation conducted in March 2023 revealed that the assessee had sold immovable property for Rs.85,00,000 but had not offered capital gains ...