Asmeeta Infratech Limited v/s. Income Tax Officer, Ward – 1(1), Kalyan

Parties Involved

Facts Summary

The assessee, Asmeeta Infratech Limited, filed its return declaring a total income of Rs. NIL. The assessment was completed under section 143(3) by making an addition of Rs. 8,77,815/- under the head ‘Income from Other sources’. A penalty proceeding under section 270A of the Income-tax Act, 1961 was initiated for underreporting of income. The Assessing Officer (AO) determined the under-reported income at Rs. 15,65,795/- and levied a penalty of Rs. 2,41,916/-. The assessee argued that the omission was due to a typographical error by a clerical staff member, which was a genuine and inadvertent mistake. The assessee claimed that the error was revenue-neutral and did not affect the tax liability. The Assessing Officer and the Commissioner of Income-tax (Appeals) upheld the penalty, which the assessee contested in this appeal.…

Legal Issues

• 1. Whether the Learned Commissioner of Income Tax (Appeals) erred in confirming the penalty order passed under section 270A of the Act.
• 2. Whether the assessee was denied a reasonable opportunity to present its case.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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