The Kozhikode District Co-operative Rubber Marketing Society Limited v. The Assistant Commissioner of Income-tax
Parties Involved
Facts Summary
The Kozhikode District Co-operative Rubber Marketing Society Limited, an assessee, filed an appeal against the penalty imposed under section 270A of the Income-tax Act, 1961, for the assessment year 2017-2018. The assessee claimed a deduction under section 80P for rental income derived from a godown let out to its members. The Assessing Officer disallowed this claim, stating that the godown was let out to non-members for commercial purposes. The assessee argued that the penalty should be reversed due to a bonafide mistake. The Tribunal found no merit in the revenue's argument and treated the case as a bonafide mistake, thereby deleting the penalty.…
Decision in favour of
Assessee
Legal Issues
- 1. Whether the penalty imposed under section 270A of the Income-tax Act, 1961, should be reversed?
Judgment Outcome
Decided in favour of Assessee.
Precedents Relied Upon
1 precedent cited in this judgement.