Under-Reporting Penalty- AO Didn’t Decide Form 68 in Time: ITAT Deletes 270A Penalty

Mrinalini Jayant Puranik Vs ITO (ITAT Pune)

Under-Reporting Penalty- AO Didn’t Decide Form 68 in Time: ITAT Deletes 270A Penalty

Pine Tribunal examined penalty u/s 270A upheld by CIT(A)/NFAC. Assessee had not filed return originally, though TDS statements reflected income of Rs.2.63 crore. On reopening u/s 147, Assessee filed return declaring Rs.70,13,970/-, which AO accepted. AO nevertheless levied penalty of Rs.10,96,347/- for under-reporting, rejecting explanations & refusing immunity.

Before Tribunal, Assessee argued that 90% of tax was alre

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