Section 270A Penalty Invalid for Not Specifying Applicable Limb

Laxmichand And Company Vs DCIT/ACIT (ITAT Agra) Penalty u/s 270A Quashed for Estimated Addition and Non-Specification of Limb; NP Rate Difference Cannot Attract Penalty – ITAT Agra The Agra Bench of the ITAT allowed the assessee’s appeal and deleted penalty of ₹11.76 lakh levied under section 270A for AY 2017-18, holding that penalty was unsustainable both on facts and in law. The assessee, a civil contractor, had declared net profit at 4.22% on contract receipts of ₹44.31 crore. The Assessing Officer rejected the books under section 145(3) and estimated profit at 4.65%, making an addi...