S. Saroja v. Dy. CIT - Taxpublishers.in

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The Tax Publishers2024 TaxPub(DT) 2074 (Chen-Trib) IN THE ITAT, CHENNAI B BENCH MAHAVIR SINGH, V.P. & MANJUNATHA. G, A.M. S. Saroja v. Dy CIT ITA No. 418/Chny/2023 31 May, 2023 Appellant by: B. Sakthivel, Advocate Respondent by: D. Hema Bhupal, JCIT ORDER *Manjunatha G, A.M* This appeal filed by the assessee is directed against the order passed by the learned Commissioner (Appeals), National Faceless Appeal Centre (NFAC), Delhi dated 21-2-2023 and pertains to assessment year 2017-18. 2. The brief facts of the case are that, the assessee filed her return of income on 31-3-2018, declaring total income of Rs.50,10,040 and said return has been revised on 11-9-2018, declaring total income of Rs. 51,78,140. The case was selected for scrutiny and during the course of assessment proceedings, the assessing officer noticed that the assessee has adopted annual value of house property at Rs. 5,40,000, instead of Rs. 8,40,000 in the revised return filed for the relevant assessment year and therefore, called upon the assessee to explain as to why difference should not be added under the head income from house property. In response, the assessee submitted that the Accountant who filed the return has adopted incorrect figure while computing annual value of house property and thus, requested the assessing officer to consider the difference amount as income of the assessee under the head income from house property. The assessee had also accepted interest income at Rs. 8,000 under the head income from business. The assessing officer, after considering relevant submissions of the assessee completed assessment under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as the Act) on 16.11.2019 and made additions of Rs. 3,08,000 towards annual value of house property for Rs. 3,00,000 and interest income under the head income from other source for Rs.8,000. Thereafter, the assessing officer initiated penalty proceedings under section 270A of the Act for under-reporting of income and after considering submissions of the assessee levied penalty of Rs.1,92,192 for under-reporting of income by misreporting of its income. The assessee carried the matter in appeal before the first appellant authority, but could not succeed. The learned Commissioner (Appeals), for the reasons stated in their appellant order dated 21-2-2023 sustained penalty levied by the assessing officer under section 270A of the Act. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers2024 TaxPub(DT) 2074 (Chen-Trib)

IN THE ITAT, CHENNAI B BENCH

MAHAVIR SINGH, V.P. & MANJUNATHA. G, A.M.

S. Saroja v. Dy CIT

ITA No. 418/Chny/2023

31 May, 2023

Appellant by: B. Sakthivel, Advocate

Respondent by: D. Hema Bhupal, JCIT

ORDER

Manjunatha G, A.M

This appeal filed by the assessee is directed against the order passed by the learned Commissioner (Appeals), National Faceless Appeal Centre (NFAC), Delhi dated 21-2-2023 and pertains to assessment year 2017-18.

2. The brief facts of the case are that, the assessee filed her return of income on 31-3-2018, declaring total income of Rs.50,10,040 and said return has been revised on 11-9-2018, declaring total income of Rs. 51,78,140. The case was selected for scrutiny and during the course of assessment proceedings, the assessing officer noticed that the assessee has adopted annual value of house property at Rs. 5,40,000, instead of Rs. 8,40,000 in the revised return filed for the relevant assessment year and therefore, called upon the assessee to explain as to why difference should not be added under the head income from house property. In response, the assessee submitted that the Accountant who filed the return has adopted incorrect figure while computing annual value of house property and thus, requested the assessing officer to consider the difference amount as income of the assessee under the head income from house property. The assessee had also accepted interest income at Rs. 8,000 under the head income from business. The assessing officer, after considering relevant submissions of the assessee completed assessment under section 143(3) of the Income Tax Act, 1961 (hereinafter referred to as the Act) on 16.11.2019 and made additions of Rs. 3,08,000 towards annual value of house property for Rs. 3,00,000 and interest income under the head income from other source for Rs.8,000. Thereafter, the assessing officer initiated penalty proceedings under section 270A of the Act for under-reporting of income and after considering submissions of the assessee levied penalty of Rs.1,92,192 for under-reporting of income by misreporting of its income. The assessee carried the matter in appeal before the first appellant authority, but could not succeed. The learned Commissioner (Appeals), for the reasons stated in their appellant order dated 21-2-2023 sustained penalty levied by the assessing officer under section 270A of the Act.