No Specific Charge, No Penalty: Mumbai ITAT Cancels Section 270A Levy for Defective Notice

Anshul Specialty Molecules Pvt. Ltd. Vs DCIT (ITAT Mumbai) No Specific Charge, No Penalty: Mumbai ITAT Cancels Section 270A Levy for Defective Notice The Mumbai ITAT quashed a penalty of ₹5.57 lakh levied under section 270A against Anshul Specialty Molecules Pvt. Ltd., holding that the Assessing Officer had failed to specify the exact clause under which the assessee was alleged to have under-reported income. The penalty arose from a disallowance made under section 14A read with Rule 8D in respect of exempt dividend income. The assessee contended that while initiating penalty proceedings, the...