ITA no. 133/Del/2024

Parties Involved

Facts Summary

For the assessment year 2017-18, Man Mohan Singh filed his income return on 31.10.2017 declaring income of Rs. 3,45,35,140/-. He revised his return on 04.01.2018 declaring income of Rs. 3,15,90,560/-. The case was selected for complete scrutiny under the Centralized Processing Centre (CPC). The Assessing Officer (AO) completed the assessment under section 143(3) of the Income-tax Act, 1961, at a total income of Rs. 3,50,77,377/- by adding Rs. 34,86,817/- on account of the deduction of excess interest on borrowed capital of the self-occupied property. The AO initiated penalty proceedings under section 274 read with section 270A of the Act for underreporting/misreporting of income and imposed a penalty of Rs. 3,85,370/- on 15.09.2021. The Commissioner of Income-tax (Appeals) affirmed the penalty levied by the AO. The assessee appealed against the penalty, which was dismissed by the Commissioner of Income-tax (Appeals). The assessee then appealed to the Income Tax Appellate Tribunal (ITAT).…

Legal Issues

• 1. Penalty levied under section 270A(9) of the Act
• 2. Exparte order passed by NFAC
• 3. Order confirming the levy of penalty by NFAC
• 4. Misreporting of income

Judgment Outcome

Decided in favour of Assessee.

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