Is penalty on interest income justifiable when such income has not been offered to tax?

Last updated: 05 September 2021
Quick Summary
This case examines whether a penalty can be imposed for interest income that was not initially declared in tax computations. The assessee admitted to an oversight, agreeing to the income being taxed. The Income Tax Appellate Tribunal considered the appeal regarding the penalty imposed under Section 271(1)(c) of the Act.

Court :
ITAT Hyderabad

Brief :
This is assessee�s appeal for the A.Y 2015-16 against the order of the CIT (A)-3, Hyderabad, dated 7.2.2019 confirming the penalty order passed by the Assessing Officer u/s 271(1)(c) of the Act.

Citation :
ITA No.931/Hyd/2019

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