Shri Peravali Sumanth Kumar vs. ITO

Parties Involved

Facts Summary

The assessee, Shri Peravali Sumanth Kumar, had not filed the return of income for the Assessment Year 2020-21 under section 139 of the Income-tax Act, 1961. Based on the information available, the Assessing Officer initiated reassessment proceedings under section 147 of the Act and issued a notice under section 148 of the Act on 04.03.2024. In response to the notice, the assessee filed the return of income declaring total income of Rs. 33,65,160/-. The Assessing Officer accepted the returned income without making any addition. However, the Assessing Officer levied a penalty of Rs. 4,27,465/- under section 270A of the Act. The assessee appealed against the penalty order, which was dismissed by the Commissioner of Income Tax (Appeals). The assessee then filed an appeal before the Income Tax Appellate Tribunal, Hyderabad.…

Legal Issues

• 1. Whether the penalty levied under section 270A of the Act is justified.

Judgment Outcome

Decided in favour of Assessee.

Precedents Relied Upon

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