Survey Disclosure Accepted in Return Cannot Trigger Section 270A Penalty: ITAT Mumbai

Kshitij Interiors Pvt. Ltd. Vs DCIT (ITAT Mumbai) Survey Disclosure Accepted in Return Cannot Trigger Section 270A Penalty: ITAT Mumbai Deletes 200% Misreporting Penalty The Mumbai ITAT (“E” Bench) allowed the appeal of Kshitij Interiors Pvt. Ltd. for AY 2017-18 and deleted the penalty of ₹1.03 crore levied under section 270A(8) for alleged misreporting of income. A survey under section 133A was conducted during the relevant previous year, during which the assessee disclosed cash receipts of ₹1.56 crore. The assessee subsequently offered this amount to tax in its return of income filed...