Summary
- The ITAT Jaipur has allowed the appeal of Abhishubham Bahadur Saxena, deleting a penalty of Rs. 8,29,034/- under Section 270A of the Income Tax Act for AY 2018-19.
- The Tribunal found the assessee's explanation for non-filing—due to relocation to the USA and subsequent tax compliance—bona fide and substantiated by evidence.
- Despite initial underreporting claims by the AO, the Tribunal ruled that Section 270A(6) excluded such income from being treated as underreported due to the bona fide explanation provided.
- This decision underscores the importance of substantial justice over technicalities in tax compliance cases, potentially influencing future penalty assessments.
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