TERAI FRUITS COMPANY,SILIGURI vs. INCOME TAX OFFICER, WARD-1(1), SILIGURI, SILIGURI

ITA 2099/KOL/2024Status: DisposedITAT Kolkata14 January 2025AY 2018-19Bench: SRI PRADIP KUMAR CHOUBEY, JUDICIAL MEMBER & SRI RAKESH MISHRA (Accountant Member)1 pages
AI SummaryRemanded

What did the Tribunal hold?

The Tribunal held that the CIT(A) erred by focusing solely on the procedural non-compliance of not filing Form 68, while the assessee had substantively complied with the conditions for immunity under Section 270AA. The Tribunal also noted that the AO had not specified the clause for misreporting of income under Section 270A(9).

What were the facts?

The assessee failed to file a return of income for AY 2018-19. After reopening the case, the assessee filed a return, and the assessment was made at the returned income. Subsequently, penalty proceedings were initiated under Section 270A, and the assessee's request for immunity under Section 270AA was rejected due to not filing the application in the prescribed Form 68.

What were the issues?

Whether the penalty imposed for misreporting of income is valid when the assessee substantively complied with the conditions for immunity under Section 270AA, despite procedural non-compliance in filing the application form? Whether the penalty was correctly levied for misreporting without specifying the relevant clause under Section 270A(9)?

Which sections of the Income-tax Act were involved?

Section 147,Section 144B,Section 270A,Section 270AA,Section 274,Section 285BA,Section 44AD,Section 250

AI-generated summary — verify with the full judgment below

Income Tax Appellate Tribunal, KOLKATA ‘B’ BENCH, KOLKATA

Before: SRI PRADIP KUMAR CHOUBEY & SRI RAKESH MISHRA

PER RAKESH MISHRA, ACCOUNTANT MEMBER:

This appeal filed by the assessee is against the order of the Ld. Commissioner of Income Tax (Appeals)-NFAC, Delhi [hereinafter referred to as “the Ld. CIT(A)”] passed u/s 250 of the Income Tax Act, 1961 (hereinafter referred to as “the Act”) for AY 2018-19 dated 27.09.2024, which has been passed against the assessment order u/s 147 read with Section 144B of the Act, dated 23.02.2023. 2. The assessee is in appeal before the Tribunal raising the following grounds of appeal: I.T.A. No.: 2

The order continues below.

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