ITAT Orders Recalculation of Section 270A Penalty Due to Wrong Under-Reported Income Computation

Arjun Green Power Private Limited Vs ACIT (ITAT Ahmedabad) Summary: The ITAT Ahmedabad partly allowed the assessee’s appeal concerning penalty imposed under Section 270A of the Income Tax Act for A.Y. 2020-21. The assessee had claimed deduction under Section 80IA for a 5MW solar power plant, which was disallowed during processing of return under Section 143(1)(a) and later confirmed in assessment under Sections 144/144B. The Assessing Officer imposed a penalty of Rs.79.64 lakh at 200% of tax payable on alleged misreported income. Before the Tribunal, the assessee did not dispute the penalty ...