Held that claiming of depreciation on on assets which are claimed as application of income, being bonfide error can not be considered as misreporting of income. Penalty is deleted. (AY. 2018-19) (ITA No. 820/ Kol/ dt. 8-10-2024)
St. Peter’s School v. ITO (2024) Chamber’s Journal-November-P. 114 (Kol)(Trib)
S. 270A:Penalty for under-reporting and misreporting of income-Charitable Trust-Depreciation on assets which are claimed as application of income-Bonfide error-Penalty is deleted.[S.270A(9)]
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