#Penalty under Section 270A

ITAT Pune rules that penalty under Section 270A of the Income Tax Act cannot be imposed if the assessee voluntarily discloses additional income through a return filed under Section 139(8A) before issuance of a Section 148 notice. This holding reinforces the principle that voluntary compliance prior to reassessment notice precludes penalty, offering critical protection to taxpayers.

ITAT Bangalore rules that duty drawback income is taxable only upon actual receipt, not mere accrual at export. The tribunal also quashed penalties under Section 270A, holding no misreporting occurred where the assessee followed the cash accounting method. A key precedent for exporters on taxability of export incentives.

ITAT Pune condones a 10-month delay in filing an income tax appeal, holding that the assessee’s bona fide reliance on a deceased consultant and lack of deliberate negligence outweigh procedural timelines. The ruling reinforces that substantial justice prevails over technicalities, particularly where delay stems from unforeseen circumstances like the consultant’s death.