Bishamber Dayal vs. ITO

Parties Involved

Facts Summary

The assessee, Bishamber Dayal, originally filed his return of income declaring total income which included interest on enhanced compensation. He claimed a 50% deduction under section 57 of the Income Tax Act, 1961. Later, he revised his return claiming the interest income as exempt under section 10(37) of the Act, relying on the judgment of the Hon’ble Supreme Court in the case of CIT vs. Ghanshyam (HUF). Subsequently, a notice under section 148 of the Act was issued, and the assessee filed a return declaring the interest income and paid the due taxes. The Assessing Officer levied a penalty under section 270A of the Act for under-reporting income. The assessee appealed against this penalty, arguing that he acted bonafidely and relied on the judgments of the Hon’ble Supreme Court.…

Legal Issues

• 1. Whether the penalty under section 270A of the Act was correctly levied.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

Similar Judgements

• Nikhil Rajpal vs ITO

  Delhi Bench ‘F’, New Delhi benchAY 2019-20Allowed

• Shri Om Prakash Vs. The P.C.I.T

  Delhi 'E' Bench benchAY 2017-18Dismissed

• S S R S MEM EDU Society Vs. Assistant Commissioner of Income-Tax

  Delhi Bench benchAY 2018-19Allowed

• Ankur Chandulal Shah Vs. The Asst. Commissioner of Income Tax, Circle -19(1), Mumbai

  Mumbai Bench benchAY 2017-18Allowed

• ITA No.1542/Bang/2024

  C'' Bench: Bangalore benchAY 2019-20Dismissed

• Mr. Nateshan Sampath vs. DCIT

  C’’ Bench: Bangalore benchAY 2018-19Allowed