No Section 270A Penalty as Education Cess Claim Was Based on Prevailing Judicial Precedents

Advertisement Wellknown Polysters Limited Vs DCIT (ITAT Mumbai) The assessee filed an appeal before the Income Tax Appellate Tribunal (ITAT), Mumbai, against the order of the National Faceless Appeal Centre (NFAC) for Assessment Year 2020-21, which confirmed a penalty of Rs. 68,12,391 under Section 270A of the Income-tax Act for alleged under-reporting of income arising from the disallowance of deduction claimed towards education cess. The assessee, a company, filed its return of income on 15.02.2021 declaring a total income of Rs. 2,37,16,74,630. Following scrutiny assessment under Section...