The Income Tax Appellate Tribunal (ITAT), Ahmedabad Bench set aside a penalty imposed for “misreporting of income” under Section 270A(9) of the Income Tax Act, ruling that an incorrect computation of deduction under Section 54F does not amount to misrepresentation or suppression of facts. The bench of Siddhartha Nautiyal (Judicial Member) and Annapurna Gupta (Accountant…
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