|Court:||Hon'ble Mumbai ITAT|
Penalty u/s 270A of the Act for underreporting of income as a consequence of misreporting levied at 200% of the tax payable deleted by Hon’ble Mumbai Income Tax Appellate Tribunal. While deciding the case, the Hon’ble Tribunal has taken note of the arguments that the penalty u/s 270A of the Act is discretionary and not automatic/mandatory in nature and that there has to be an element of mens rea (malafide intention) for levy of penalty.
|Counsel(s):||Dhaval Shah, Advocate|
|Dowload Pdf File||Click here to download the file in pdf format|
|Uploaded By||Gautam Rank, CA|
|Date of upload:||June 6, 2023|