URMILA RAJENDRA MUNDRA,AJMER vs. INCOME TAX OFFICER, WARD-2(2), AJMER, AJMER

ITA 577/JPR/2025Status: DisposedITAT Jaipur01 August 2025AY 2022-23Bench: SHRI RATHOD KAMLESH JAYANTBHAI (Accountant Member), SHRI NARINDER KUMAR (Judicial Member)1 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the penalty was wrongly levied as the assessee had provided supporting documents for the claim, and the AO's assertion of no evidence was incorrect. The penalty was set aside based on similar High Court decisions.

What were the facts?

The assessee claimed capitalized interest as cost of improvement for calculating capital gains. This claim was disallowed by the Assessing Officer (AO) for lack of supporting documents. Consequently, penalty proceedings under Section 270A were initiated.

What were the issues?

Whether penalty under Section 270A is leviable when the assessee has provided supporting documents for a disallowed claim, and if the AO's failure to consider such evidence warrants setting aside the penalty.

Which sections of the Income-tax Act were involved?

Section 270A,Section 270AA

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Cases cited in this judgment(4)Show list

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Income Tax Appellate Tribunal, JAIPUR BENCHES,”SMC” JAIPUR

Before: SHRI RATHOD KAMLESH JAYANTBHAI, AM & SHRI NARINDER KUMAR, JM vk;dj vihy la-@ITA No. 577/JP/2025

For Appellant: CA jktLo dh vksj ls@
Hearing: 30/07/2025Pronounced: 01/08/2025

PER: RATHOD KAMLESH JAYANTBHAI, AM

By way of a present appeal, the assessee challenges the order of learned National Faceless Appeal Centre, Delhi [ for short ‘CIT(A)’] passed

u/s 250 of the Act on 24.03.2025 for Assessment Year 2022-23. The said order of the ld. CIT(A) arise as against the penalty order dated 26.09.2024 passed under section 270A of the Income Tax Ac

The order continues below.

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