RAJESH C DALAL-HUF,SURAT vs. ADDL/JT/DEPUTY/ASST CIT/NATIONAL E- ASSESSMENT CENTER DELHI , DELHI

ITA 249/SRT/2022Status: DisposedITAT Surat31 August 2023AY 2018-19Bench: SHRI PAWAN SINGH (Judicial Member), DR. ARJUN LAL SAINI (Accountant Member)9 pages
AI SummaryAllowed

What did the Tribunal hold?

The Tribunal held that the assessee's actions constituted under-reporting rather than misreporting of income, especially since all relevant details were furnished and a revised computation was accepted. The penalty was therefore not justified.

What were the facts?

The assessee claimed interest expenses on borrowed capital for house property income. The Assessing Officer (AO) disallowed the expenses and initiated penalty proceedings for misrepresentation of facts. The assessee sought immunity from penalty under Section 270AA, but the AO levied the penalty.

What were the issues?

Whether the penalty for misreporting of income under Section 270A is sustainable when the assessee furnished all details and the issue could be considered as under-reporting. Whether the assessee is eligible for immunity from penalty under Section 270AA.

Which sections of the Income-tax Act were involved?

Section 270A,Section 270AA,Section 24(a)

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IN THE INCOME TAX APPELLATE TRIBUNAL, SURAT BENCH, SURAT BEFORE SHRI PAWAN SINGH, JUDICIAL MEMBER AND DR. ARJUN LAL SAINI, ACCOUNTANT MEMBER (Hearing in Virtual Court) Rajesh C. Dalal-HUF, A.C.I.T., P-260, Old GIDC Estate, National e-Assessment Vs. Katargam, Surat-395004. Centre, Delhi. PAN: AALHR 4363 J APPELLANT RESPONDEDNT

Assessee by Shri Tinish R Mody, AR Department by Shri Vinod Kumar, Sr. DR Date of hearing 17/07/2023 Date of pronouncement 31/08/2023 Order under Section 254(1) of Income Tax Act PER: PAWAN SINGH, JUDICIAL MEMBER:

1.

This appeal by the assessee is directed against the order of learned National Faceless Appeal Centre, (NFAC), Delhi/Commissioner of Income Tax (Appeals) [in short the ld. CIT(A)] dated 17/08/2022 for the Assessment Year (AY) 2018-19. The assessee has raised following grounds of appeal:- “1. On the facts and in the circumstances of the case as well as law on the subject, the ld. CIT(A), NFAC Delhi erred in confirming the penalty levied by the ld. A.O. to the tune of Rs. 96,404/- without considering the facts of the case favorably.”

2.

Brief facts of the case are that the assessee is an HUF, filed its return of income for A.Y. 2018-19 on 27/08/20

The order continues below.

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