Held that where the assessee has \u00a0offered interest income as per Form 26AS and difference in interest income came to light post filing of ITR on account of delayed reporting by payer bank, same could not tantamount to under-reporting of income, it would not attract . Tribunal also held that if the enhanced claim of exemption under section 10(10) of the assessee on the basis of mistaken bona fide belief and the\u00a0 asseessee had disclosed all material facts . The Tribunal also held that imposition of penalty is discretionary and not mandatory . Penalty is deleted .\u00a0 \u00a0(AY. 2017 -18)<\/p>\n","protected":false},"excerpt":{"rendered":"
S. 270A:Penalty for under -reporting and misreporting of income \u2013 Incorrect reporting of interest income as appearing in 26AS \u2013 Enhanced claim under section 10(10) \u2013 Imposition of penalty is discretionary and not mandatory \u2013 Benefit of doubt must be given to the assessee- Penalty is deleted . [ S.10(10), 270A(6), Form No 26AS ] <\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21],"tags":[],"class_list":["post-54400","post","type-post","status-publish","format-standard","hentry","category-income-tax-act"],"acf":[],"jetpack_featured_media_url":"","jetpack_shortlink":"https:\/\/wp.me\/p9S2Rw-e9q","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54400","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/comments?post=54400"}],"version-history":[{"count":1,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54400\/revisions"}],"predecessor-version":[{"id":54401,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/posts\/54400\/revisions\/54401"}],"wp:attachment":[{"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/media?parent=54400"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/categories?post=54400"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/itatonline.org\/digest\/wp-json\/wp\/v2\/tags?post=54400"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}